Most of the power we use in the world today comes from fossil fuels. Our electricity, car fuel, and factories mostly run on this non-renewable energy. But its overuse is the leading cause of climate change. Fossil fuels are only limited, and the world will run out one day. On the other hand, wind, hydro, and solar energy are clean sources and also renewable. As long as the world exists, we have enough sources of sun, wind, and water.
What are the effects of the pandemic on renewable energy? Keep on reading to learn more.
Temporarily Slowed Down Renewable Energy Growth
Before the pandemic, the world was looking at a stable expansion of clean energy. People were making the switch to solar energy by purchasing solar panels for their homes. Turbines were being installed on windy locations. After all, renewable is more sustainable and cost-efficient in the long run.
But because of the pandemic, the world’s economy is badly hit. Experts say that the development of renewable energy may decelerate for the time being. The government instructed people to stay at home, halting sales. Efforts to produce materials for generating solar and wind energy were also postponed for now.
China, where the pandemic started, is the leading supplier of solar and wind power equipment globally. This means that the decline in supply affected other countries that use such equipment. With the industry opening its business to the public again, this difficulty is slowly being solved.
Postponed Installation Projects
Both commercial and residential clients of renewable energy will decline. Big-scale installation projects have been delayed or halted for now because companies are shutting down. While at home, people are now rethinking their budget and saying no to costly solar panels. In these tough times, people would choose to feed themselves first.
Possibly Increase Market Share In The Long Run
The development of renewable energy may be in decline right now but it will grow in market share in the long run. Solar panels and wind turbines may be expensive but it is cheaper in the long term. Not only homeowners but also business investors will see this as a more stable alternative especially in these tough times.
Electricity, oil, and gas may change prices now and then. While in renewable energy, the fuel is free. The initial investment may be costly, but in the long run, it is more cost-effective. After all, solar and wind power is unlimited compared to fossil fuels. As technology advances and more people choose clean energy, the prices of solar panels and wind turbines will also become cheaper.
With office workers being sent home, the need for commute and travel is also lessening. That means that oil-based energy is not as in demand as before the pandemic. The electricity demand has also declined and the supply of power increased. The market imbalance leads the power suppliers to look at renewable energy as a cheaper alternative to fossil fuels to survive. This can be another factor that will speed up the growth of clean energy.
Growth Will Depend On Political Leaders
The pandemic affected all industries that produce energy. In this situation, only our political leaders have the power to decide whether to support clean energy or go back to fossil fuels. Experts say countries that make efforts to employ renewable energy before the pandemic are the ones that will continue to do so. Instead, governments are prioritizing more urgent concerns like death rates and economic meltdown.
Europe is using renewable energy as a way to improve the economy during this pandemic. Even before the pandemic, they have been prioritizing its use intending to reach zero amount of emissions by the year 2050.
Increased People’s Interest In Its Health Benefits
The pandemic has shown people that health should be prioritized. Because of the lockdown, the operations of many companies have been halted with offices and factories being shut down temporarily. People are working at home which means there are fewer cars outside. Both of these resulted in the clearing of pollution and fresher air. The realization that it is possible to have better air quality for good can boost the growth of renewable energy.
Key Takeaway
The pandemic has affected many industries including renewable energy. It may be on the decline right now, but it is also possible for clean energy to dominate market share in the long run. People are now more concerned about their health while investors are realizing that wind, hydro, and solar energy are more cost-effective than fossil fuels.
