In the worldwide energy production sectors of the economy, irregular fuels like wind, air, as well as water are significant and necessary, yet they also lack strong dependability and adequate storage. The global energy marketplace consists of fossil fuels such as crude oil, natural gas, as well as coal.
Supply and demand are continuing to drive price increases in the energy market. Markets for energy storage and transportation, commodities, forward contracts, and spot purchases, as well as sales, all contribute to pricing increases.
Reducing energy expenditures and emissions through the use of renewable energy sources
For many years, the consensus has been that there are two fundamental obstacles to adopting renewable sources of energy for commercial power buildings.
The first barrier was the price of renewable energy, whether in the form of higher charges to a utility offering an off-site renewable alternative or through the manner of equipment as well as production costs for on-site generation. The continuing decreases in the price of renewable energy are dismantling this barrier.
The second barrier was that most renewable energy resources are intermittent, which also doesn’t necessarily align with the load patterns of commercial buildings.
Due to continued decreases in the price of energy storage of renewable electricity both on and off of the electrical grid, this barrier is also in the process of crumbling.
Public policies in many nations throughout the world, worldwide markets, global manufacturing capacity, as well as continuous technological advancements are all combined to lower the cost of producing wind energy, solar electricity, and electric batteries.
Cost Reductions for Renewable Energy
The primary emissions-reduction approach for commercial properties has recently shifted from the usage of natural gas to renewable sources of electricity.
Due to their inability to obtain natural gas’s lower prices as well as reduced emissions, all-electric building owners and managers were given compassion in the 1990s.
Now that electricity may be easily extracted from renewable power or offset through the purchase of sustainable energy credits, owning or maintaining an all-electric property is advantageous.
What was formerly perceived as a problem is currently being recognized as a chance. The continued decline in the costs of renewable energy, especially solar and wind power photovoltaics (PCs), is what’s causing people’s perceptions of all-electric buildings to evolve.
Batteries for Buildings and The Electric Grid
The sun does not always light, and the wind doesn’t always blow. These realities cause intermittent production as well as transportation of solar and wind energy in the absence of any human involvement.
However, utilities can still use batteries to address grid-level intermittency issues due to the obvious ongoing declines in the price of electric batteries. Interference in the procedure of energy storage systems is developing rapidly to address this issue.
Property managers can then benefit from cost-saving possibilities in the acquisition of power supplies that result from continued decreases in the cost of renewable energy as well as from deploying electric storage battery packs to lower utility costs.
Buildings can employ their electrical storage systems in several ways to save their electricity costs. Reducing utility electrical demand prices, which can vary from duration charges to annual peak usage charges, is one way to do this.
Using batteries can help you consume less energy during these peak times, which will lower your utility costs.
While the other is for buildings to make better use of storage to increase their involvement in utility load-shedding programs; demand response programs, for which utilities will offer some sort of financial incentive; the kind of advantage will differ by counting on the utility.
You should also compare business energy prices between different suppliers, so you can find the cheapest deal and save more money.
What Does Renewable Price Reduction Means for Managers and Owners of Buildings?
The property managers should bear the following points in mind as the price of renewable energy reduces:
- Don’t believe the argument that a large percentage of on-grid and off-grid electricity supply will continue to be hindered by the intermittency of the majority of renewable energy sources. Battery storage is a viable solution that is currently still being used, not a development in the distant future.
- Keep an eye out for opportunities to acquire electricity that could save money due to continued decreases in the price of renewable energy.
On-site renewables, such as owned systems or Power Purchase Agreements, as well as off-site renewables, such as forthright utility purchases or carbon offsets for emissions reduction.
- Keep a lookout for chances to cut expenses through peak shaving as well as demand reduction that result from continued battery cost decreases. Battery integration into your on-site renewable energy system and off-site batteries used by utilities are two possible transitional routes.
Advantages of Using Renewable Energy
Solar panels and wind turbines are becoming more prevalent. But why, you might ask? Read on to learn more about the advantages of renewable energy sources and how they enhance our economy, ecology, as well as health.
• Decreased global warming
Carbon dioxide, as well as other greenhouse gas emissions, are being overproduced by human influence and entering our atmosphere. These gasses warm the planet by enclosing it like a blanket. Stronger, more common storms, droughts, sea level rise, as well as extinction are just a few of the negative effects that follow.
In contrast, the majority of renewable energy sources emit little or no greenhouse gasses. Even when taking into account the co2 emissions of clean energy, that is, the emissions from each phase of the lifespan of a technology manufacturing, installation, operation, as well as decommissioning, the global warming emissions related to renewable energy are negligible.
• Better public health
Breathing issues, neurological problems, heart disease, cancer, early mortality, and a variety of many other significant issues are all linked here to the pollution of air and water that natural gas and coal facilities generate.
Everyone is impacted by the pollution, which is predicted to cost $74.6 billion a year in life cycle expenses and public health problems due to coal, according to Harvard University research.
Systems that produce power through the use of wind, sun, and hydroelectricity emit no air pollution.
Furthermore, since solar and wind power use almost no water to function, they do not compete with agriculture, water for drinking, or any other critical water uses, damage water supplies, or otherwise put a strain on them.
• Jobs and additional economic advantages
The renewable energy sector requires more work than fossil fuel technology solutions, which are frequently mechanized and capital-intensive. Humans are required to install solar panels, while specialists are required to maintain wind farms.
This indicates that, generally speaking, for every unit of power produced from renewable sources as opposed to fossil fuels, more jobs are being created.
• Persistent energy costs
Currently, renewable energy sources around the nation offer reasonably priced electricity, and they may also contribute to the future stability of energy rates.
Although building renewable facilities requires upfront investments, once they are up and running, the fuel for the majority of clean energy sources is free.
As a result, the cost of renewable energy over time may be fairly stable. Furthermore, it is expected that the prices of renewable energy technology will continue to decrease.
Conclusion
As floods, heat waves, stronger storms, and more extreme wildfires occur more frequently as a result of global warming, the danger of disruptive occurrences will rise as well.
This will consequently lead to a greater demand for dependable, environmentally friendly solutions. Installing renewable energy sources will be the best solution.
Besides, it is economical and environmentally friendly and will enable your company to better manage energy costs.
