With fossils fuels depleting at an unprecedented rate, the question of transitioning to renewable energy is not one of if but when. However, the key concern regarding the alternative energy source is whether it is financially feasible to supplant renewable source with non-renewable source. This concern stems from high upfront initial costs, but this cost is to be reduced as technology advances. Also, when considered over the lon-term, renewable energy source is far more cost-effective than traditional energy sources.
Renewable energy source entail high initial costs. These costs include purchasing and installing energy systems, such as solar panels and wind turbines. Another associated cost is with maintaing these systems: repairing and replacing components. Seen in this light, non-renewable source seems cost-competitive.
However, high initial costs are mainly because the technology used for harnessing energy from the sun, hydro, waves, and tides is still in its infancy. However, the history has shown us that as technology becomes more mature, the cost is likely to dwindle. For example, drones can be a good case in point. When they were first introduced to the market, they were priced 4000$. After technological advancements, the demand for the product rose, reducing the exorbitant price. Renewable energy source is poised to follow the similar path of innovation and cost reduction.
Apart from this, long-term savings from renewable energy can far outweigh the initial cost. Once energy systems are installed, people will no longer have to pay for monthly energy bills. While traditional options may seem more appealing in terms of initial cost, ongoing costs of it can be higher than renewable sources.
In conclusion, despite the high upfront cost of transitioning to renewable energy sources, this is to be significantly reduced, as technology becomes more advanced, and the demand rises. Moreover, long-terms benefits of renewable energy outweigh ongoing cost of traditional option.