While it is not logically sound to suggest complete dependence on a renewable energy at this time (let alone all of them at once), it is definitely an economically intelligent decision to integrate the Earth's natural forces in productive and resourceful ways through gradual utilization, especially in current times. Due to their many benefits and services, renewable resources are a gateway to a more environmentally-friendly and a more prosperous future. Such methods have been fruitful in the past and should continue to be so today. Take wind power, for example. Civilizations throughout time understood and knew exactly what they were doing when they harnessed the wind to grind their corn, pump water from the ground, and sail across oceans. Wind power has been an influential power source since 300 BCE and has affected history on so many levels. What need is there to discontinue the use of something that works so well?
Think about it, how much do you pay when you feel a cool breeze on a warm summer day? Absolutely nothing, right? How much does it cost to produce energy from an abundant* and free source? Depending if the wind power will be integrated for public or private use (since everything has a maximum limit factor1), as sources dispute actual fees, the economy and even the average homeowner could stand to save a lot of money by just a relatively small investment to make a very big difference, especially if wind power is being used as a supplement to an already existing power source. There are even many places that can teach a homeowner to build a personal wind turbine from scratch very inexpensively. Of course, we must factor in external complications such as area, time of year, environments and geography, obstructions, etc. However, optimal conditions dictate that in the long term, renewable energy integration (in this case wind power) will pay for itself (especially if you factor in future improvements in design and development of the renewable energy sector).
Let's talk stakeholders. Since "renewable energy sources" is still a bit broad this essay aims to focus on wind energy as our primary example. That makes our three main invested interests energy companies, local interests, and environmentalists.
Firstly, energy companies are responsible for providing people with energy. Such supporting energy companies would probably be the ones responsible for building the wind farms and setting up back-up systems (even if it only acted as a supplement to the current energy supply) and transmit lines for the power to reach the grid. If wind power was only considered for personal service, the homeowner will be responsible for its utilization, leaving its management up to personal interests.
Secondly, local interests play a part if, on a wide scale, property owners' land values decrease due to visual or audile pollution (which might not be a factor in some scenarios and is the initial assumption) or if they would, in fact, increase because of how valuable said land would be to energy companies. Local interests are also concerned about the cost differences from integrating wind power into their regular energy usage and what the costs was before. In addition, it can be noted that if homeowners were to invest in personal wind turbines for private use it would promote market activity and save the consumer money. Also, the renewable energy sector has the feasibility to create many job openings, further helping the U.S economy.
Finally, environmentalists have aligned themselves on both sides of the issue. There are groups that vehemently oppose environmental impacts such as bird and bat killings, which would be costly to remediate through breeding programs but would not be necessary if the sites were well researched, or development comes up with something to steer them away. This would undoubtedly cost money for research and implementation, but will also create jobs.
It has been said that as the price for gas rises and the price for wind energy decreases wind will face gas as the cheapest available power source. Data from the provided graphs from EWEA (2008a) show wind investment compared with lifetime avoided fuel costs. Furthermore, the amount of jobs created will ultimately supply 500,000 people with work by 2030 (it is currently at around 85,000). It will take wind power a total of three to five months to pay back the energy used (with six months for coal and nuclear power plant stations). And remember, this is just the investment considered for wind power, not all renewable energy sources.
Fig 4.7: Wind Investments Compared with Lifetime Avoided Fuel and CO2 Costs (Oil at $90/Barrel; CO2 at €25/t)
Fig 4.8: Wind Investments Compared with Lifetime Avoided Fuel and CO2 Costs (Oil at $50/Barrel; CO2 at €10/t)
Subsequently, when considering economic superiority, it is safe to assume that it is quite beneficial to invest in the development and integration of renewable energy sources. Not only is it favorable to the environment, but it is also advantageous with profit and value for the economy.
Adrienne Wilson



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