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Why Lower Oil Prices Won't Kill the Renewable Energy Boom
Whenever oil prices drop, everyone always wonders how it will affect wind and solar power.
It follows from the traditional assumption that renewables like these are only competitive when oil and natural gas prices are high.
After all, the early stages of wind and solar power came with a hefty front-loaded price tag, requiring massive government subsidies to both producers and end users to get off the ground.
Some states even introduced legal measures that required that utilities buy a certain percentage of their energy needs only from renewables.
All of this only added to the wider perception that renewables couldn't truly contend, especially if oil and natural gas prices fell.
Whenever oil prices drop, everyone always wonders how it will affect wind and solar power.
It follows from the traditional assumption that renewables like these are only competitive when oil and natural gas prices are high.
After all, the early stages of wind and solar power came with a hefty front-loaded price tag, requiring massive government subsidies to both producers and end users to get off the ground.
Some states even introduced legal measures that required that utilities buy a certain percentage of their energy needs only from renewables.
All of this only added to the wider perception that renewables couldn't truly contend, especially if oil and natural gas prices fell.