Many people believe that wind and solar power are the cheapest sources of energy today. But if that’s true, why are so many solar projects failing, despite heavy government subsidies?
And why do most countries still prefer to build coal power plants? The answer is simple: wind and solar are expensive and not financially sustainable. A recent peer-reviewed study proves this.
Understanding the True Cost of Electricity
A study published in the journal Energy examined the full-system cost of electricity generation. This approach includes all hidden costs, such as backup power, storage, and transmission infrastructure.
Many cost comparisons fail to consider that wind and solar energy are not reliable all the time.
Unlike coal or natural gas, these renewable sources need expensive infrastructure to ensure a steady power supply. They also require long-distance transmission lines, which add more costs.
Comparing Energy Costs: The Hard Numbers
The study compared the full-system costs of different energy sources, revealing a massive price gap:
- Solar Power: $413 per megawatt-hour (MWh)
- Wind Power: $291 per MWh
- Nuclear Power: $122 per MWh
- Coal Power: $90 per MWh
- Natural Gas Power: $40 per MWh
Even in Texas—one of the best locations for wind and solar—renewables are far more expensive than coal and natural gas. In most parts of the world, where conditions are less ideal, wind and solar costs even more.
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Why Do Some Countries Still Invest in Renewables?
One reason is that governments and monopoly utility companies benefit financially from wind and solar projects.
When utilities build a renewable energy plant, they are often guaranteed a 10% profit on their expenses. This means higher electricity bills for consumers while utilities make millions.
Another reason is that instead of using wind and solar to meet new energy demands, many governments shut down existing coal, nuclear, or gas plants and replace them with expensive renewables.
This approach doesn’t make financial sense since the older plants are already paid for, while new wind and solar projects require massive investments.
Conclusion
Despite claims that wind and solar are the cheapest energy sources, real-world costs tell a different story. Coal and natural gas remain the most affordable and reliable options.
The next time someone says renewables are cheaper, point them to the actual numbers. The truth is, that the world still needs fossil fuels for affordable energy.
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