In a win for the economy and the climate, clean energy options like solar and wind plants remain cheaper to construct than gas-fired power plants, even without government subsidies, Reuters reported.
The information comes from a June report released by financial advisory firm Lazard. It found that when it comes to large, utility-scale plants, solar farms cost between $38 and $78 per megawatt-hour to build, while a gas-combined cycle plant falls between $48 and $107 per megawatt-hour, Reuters said. (Thanks to larger-scale operations being more efficient, smaller-scale facilities are more costly in both cases.)
In fact, gas-fired power plants are at their highest price point in the last decade, thanks to the country's growing demand for electricity to power data centers and electric vehicles. This has created a backlog for parts, such as turbines.
That ongoing demand means more power plants will need to be built in a hurry — and the current costs could determine what kind of providers choose, shaping the U.S. power grid for decades to come. That's why it's so exciting that clean energy is in the lead in terms of cost.
Wind and solar lead the pack in terms of producing affordable energy for consumers while also creating stable jobs. Not only that, but they don't produce toxic air pollution like oil and coal, so they're healthier for the American public.
The same lack of air pollution makes them better for the climate because they're not producing heat-trapping gases that overheat the Earth and cause unstable and extreme weather. Switching to clean energy is a win for everyone.
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Whether utility providers will follow through on this business opportunity is uncertain, but it makes financial and environmental sense. This is yet another opportunity to profit by investing in our planet's future.
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