Just Wait for It (And Not for Long): Green Energy Will Soon Beat Fossil Fuel Prices

Renewable energy sources like wind and solar are not only beneficial to the environment. As prices keep dropping, they will also become a better economic choice for households and offices in the next few years.

“Electricity from renewables will soon be consistently cheaper than from most fossil fuels,” notes the International Renewable Energy Agency (IRENA) in their new report. “By 2020, all the renewable power generation technologies that are now in commercial use are expected to fall within the fossil fuel-fired cost range, with most at the lower end or undercutting fossil fuels.”

The more renewable energy capacity increases, the further it will lower electrical costs, proving beneficial to both businesses and residents. IRENA notes three reasons why the cost of renewables is dropping: technological advancement, a competitive market, and improved development in the industry that created around 10 million job opportunities and received over $1 trillion in international investments.