IEA: Renewable electricity likely to become cost-effective
Numerous competing reports have spoken out about the advantages and disadvantages of renewable electricity, but now one of the most respected energy authorities in the world has spoken positively about its future, according to Reuters.
The International Energy Agency, a group that oversees energy in much of the developed world, released a report suggesting that the current level of support for clean energy was justified by the environmental and security benefits offered by renewables.
More importantly, the report argues that these incentives will help to bring the price of renewable electricity below the cost of traditional energy sources.
"A portfolio of renewable energy (RE) technologies is becoming cost-competitive in an increasingly broad range of circumstances, in some cases providing investment opportunities without the need for specific economic support, [and] cost reductions in critical technologies, such as wind and solar, are set to continue," according to the report.
A growing number of electricity providers in the U.S. have begun offering the option to purchase renewable electricity in different proportion, from only a small portion to all of a home's energy, as the price continues to decline.