- Each country has its own net zero goals to help reduce carbon emissions
- Renewable energy will account for almost 95% of the increase in global power capacity by 2026
- Eighty one per cent of people are happy with low-carbon technologies when they adopt them
The global renewable energy capacity is increasing year-on-year and the current share in global electricity generation accounts for approximately 42% of the total renewable energy supply, largely thanks to the net zero goals each country has set to prevent the impact of global warming.
This momentum will only continue to grow. The International Energy Agency (IEA) predicts that renewable energy will account for almost 95% of the increase in global power capacity by 2026, with solar photovoltaic (PV) alone providing more than half.
With this kind of traction, it’s clear there are advantages to renewable energy, but there are also disadvantages, which we’ll also cover here.
What are the advantages of renewable energy?
There are lots of advantages to investing in renewable energy sources, such as wind, solar, geothermal and even hydropower, which are:
- It can reduce energy prices – With green tariffs available for those with low-carbon technologies installed, you’ll save money on your bills.
- It’s environmentally friendly – Renewable energy is much less harmful to the environment than fossil fuels, as the way it’s captured means no greenhouse gas emissions are released into the atmosphere.
- It creates job opportunities – A survey found that 82% of workers in the gas and oil industry would consider moving to a job outside the fossil fuel sector, with more than half expressing interest in renewables and offshore wind.
- It makes energy independence achievable – If countries ramp up renewable production, they’ll be less reliant on fossil fuels, leading to more security and lower energy prices.
What are the disadvantages of renewable energy?
Like many things there are disadvantages to renewable energy. These are:
- High upfront costs – Wind turbines cost between £2m and £2.5m, which is inclusive of installation costs.
- Limited storage capabilities – Batteries work by storing excess electricity and releasing it when supply is low. Having this storage would be essential if countries solely relied on renewable energy sources but batteries aren’t quite advanced enough to deal with that amount of energy yet.
- Geographic limitations – Since renewable energy is harnessed through nature, the amount of energy you can capture will depend on your surroundings. This means certain renewable energy sources won’t be suitable for every country.
- Requires a lot of space – The amount of space needed to install the technology could have a negative impact on local ecosystems.
What can be done to overcome the disadvantages?
The UK government has made a series of pledges in order to achieve its 2050 net zero target, which include:
- Achieving so called ‘clean’ electricity by 2030 by rapidly increasing wind and solar generation
- Ending the sale of new fully petrol and diesel cars by 2030
- Installing 600,000 heat pumps a year by 2028
- Investing in technology to capture and store CO2
According to the BBC, the UK’s greenhouse gas (GHG) emissions in 2023 were around 50% of 1990 levels, which only includes emissions generated within the UK.
Under the Paris climate agreement, the UK needs to reduce its emissions by 68% by 2030 compared with 1990 levels.
The high upfront costs are a huge barrier to renewable energy being adopted more widely. For consumers, there are plenty of grants and financing options available, such as the Boiler Upgrade Scheme that offers £7,500 off the cost of a heat pump. Other schemes include ECO4, The Warm Homes Loan and the Welsh government scheme, Nest that offers advice on home energy improvements..
Meanwhile, countries across the world are finding places to build renewable energy sources. Most recently, Scotland unveiled Europe’s largest battery storage project. It has an initial capacity of 200MW and an additional 100MW added in 2026, as part of phase two.
Is it worth investing in clean energy technology?
It absolutely is worth investing in clean energy technologies, as it can help reduce your carbon footprint and lower your energy bills.
In fact, half of all people would switch to energy providers that only use renewable energy, and 81% are happy with low-carbon technologies when they adopt them. Electric vehicles and solar panels are the ones most people are satisfied with.
More than 1.39 million people have solar panels installed. The cost will vary depending on the panels you need and the size of your home. For example, the average three-bedroom house will cost around £7,000 to install solar panels.
When it comes to electric vehicles (EVs), the majority of manufacturers are launching their owns. In February, Volkswagen announced its plans for a new “affordable, high-quality” EV that will cost around £20,000.
Other renewable energy tech includes heat pumps and domestic wind turbines. Check out these articles for more information:
- How to get government grants and funding for solar panels
- The UK’s 13 best solar panel installers
- What government grants are available for heat pumps?
- The UK’s best heat pump installers
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Summary
- With green tariffs available for those with low-carbon technologies installed, it makes sense to install them if you haven’t already.
- Wind turbines cost between £2m and £2.5m, which is inclusive of installation costs.
- A survey found that 82% of workers in the gas and oil industry said they would consider moving to a job outside the fossil fuel sector – with more than half of them expressing interest in renewables and offshore wind.
- According to the BBC, the UK’s GHG emissions in 2023 were around 50% of 1990 levels, which only includes emissions generated within the UK.
- Half of all people would switch to energy providers that only use renewable energy, and 81% are happy with low-carbon technologies when they adopt them.
