Traditionally, power systems have been supplied by large fossil fuel generation plants, with most people participating as passive consumers of electricity. But today, power systems are undergoing a fundamental transition, brought about by the rapid adoption of electric vehicles, roof-top solar, home batteries and other distributed energy resources.
Currently, almost 80% of the world energy is still provided by fossil fuels while energy demand is increasing in all regions of the world. In the face of climate change, environmental destruction and the rising cost of fossil resources, societies are driven to adapt and achieve sustainability. Renewable sources along with high energy efficiency are a compelling alternative.
Electric power systems around the world are rapidly changing. For over a century, these systems have relied largely on centralized, fossil fuel plants to generate electricity to end users. Utilities had a straightforward objective: to provide electricity with high reliability.
Majority of homeowners who invest in solar power plants aim to either lower their energy costs or reduce their carbon footprint.
We’ve all paid a utility bill or purchased gasoline. Those numbers on our bills represent the direct cost of fossil fuels; money paid out of pocket for energy from coal, natural gas, and oil. But those expenses don’t reflect the total cost of fossil fuels to each of us individually, or collectively as a society.
Renewable energy will march forward this year, due to “remorseless reductions in the costs of solar and wind electricity and of lithium-ion batteries,” Angus McCrone, the chief editor of Bloomberg New Energy Finance (BNEF) wrote in a commentary.