Are Renewable Energy Sources Cost Efficient? A Comprehensive Guide
Renewable energy power generation–based distributed energy supply technology has been the energy field’s development priority. The variations and intermittent nature of wind energy, solar energy, and other renewable energy sources, on the other hand, accentuate the conflict between new energy and the grid.
Pakistan is a developing country and the population is increasing day by day, so it needs a sustainable energy solution. Pakistan has an estimated population of 207.7 million people, with an average growth rate of 2.4% per year. The country is experiencing a rapid increase in demand for electricity and the power generation sector has not been able to keep up with the demand of a growing population.
We need to find new ways to deal with this problem, and one of the options is smart energy solutions that can help us meet our energy demands in the future.
Benefits of Renewable Energy
The cost of renewable energy is determined by a number of factors, including air and soil pollution (a problem caused by fossil fuels), human rights violations (a problem caused by solar and battery storage in third-world mines), and layoffs of local workers. When these crucial but “ancillary” costs are removed from the equation, renewable energy sources tend to win, for the reasons outlined below.
Availability of construction funds and resources
Having a huge power plant was the safest bet a few years ago, when safety procedures and automation were non-existent, coal and hydro were the only feasible options, and electricity consumption was constantly expanding. However, with the advent of wind and solar electricity, investors now have more options available. They can be built in stages, with proceeds from previous stages funding subsequent stages, which are frequently far less expensive.
Low Maintenance
The generator plants, particularly dirty coal power stations, must be cleaned and maintained on a regular basis. Motors, as well as more expensive equipment such as boilers, must be replaced at some point. The coal and natural gas fleet is outdated, and while it has provided inexpensive power for decades, it now needs significant investment. Solar farms require extremely minimal maintenance, whereas wind turbines require a lot. The key difference is modularity: if one or more turbines or panel banks fail, they can be replaced or repaired separately without significantly reducing overall output. As a result, the cost of maintaining and keeping the machine running at a sufficient output is lower.
Varying Cost of Fuel
Coal and natural gas are dependent on the market, which is influenced by a variety of factors beyond a company’s control. Therefore, turning to investors, it is starting to look like investing in an intermittent source with battery storage is a better investment than one based on market prices.
Reliability & National Security
The frequent and unexpected power outages in Pakistan have raised serious concerns about the electrical grid’s resiliency. Even the tiniest mishap can knock conventional generation offline, making it difficult to restart. Coal plants can’t start unless they have power, and only a small number of them have large enough “black-start generators.” It’s considerably more difficult to seriously interrupt a grid that can simply be reconfigured into “microgrids” thanks to renewable generators. As a result, utilities prioritize reliability, and renewables win.
Limitations of Renewable Energy
When compared to traditional types of energy generation such as fossil fuels, there are still obstacles in generating huge amounts of power with renewable energy technology. By far, fossil fuels continue to produce large amounts of electricity today. This basically means that it can’t be relied on to power the entire country.
This means that either we need to build more of these facilities to meet the rising demand or we need to search for ways to cut our energy consumption. This occurrence suggests that a balance of various energy sources will continue to exist for some time.
Dependability of Renewable Sources
On a yearly basis, renewable energy sources such as solar panels only produce electricity around half the time. In order to be completely dependent on solar, you’ll need a lot of energy storage, especially at night and during peak hours.
Secondly, the photovoltaic panels might be unattractive. Possible dust storms in highly dry areas will necessitate hand cleaning. In order to meet the needs of a city, you’ll also need a lot of solar panels.
Another disadvantage is that the 2nd and 3rd generation solar cells emit toxic waste after usage, though the regular solar cells do not produce any hazardous waste.
Life Expectancy of Solar Panels
Renewable energy sources are reaching the end of their useful life cycles, which is a major concern. For instance, determining whether solar panels are a good bargain or not is tough because they gradually lose efficiency as they age and the exact cost of them is likely impossible to determine, so it’s difficult to say whether they’re a good value or not. Solar panels have a life expectancy of less than ten years, but they still have a lot of useful life left in them, supplying around 90% of the energy compared to when they are new.
The Renewable Efficiency
In most metropolitan areas, the residential area may choose to have both solar and utility electricity, and, ideally, a system to pump electricity back into the utility when it’s not in use. So, there will be times during the day when you make more electricity than you need, and others when you make less electricity than you need. Although not all power companies operate in the same way, the basic principle is that you buy electricity when there isn’t enough sunshine and sell electricity when there is.
Some organizations tend to have two meter: one for the electricity they use and another for the electricity they generate in excess of their needs. When supplying the grid, some solutions have the power meter run backwards, so you’re just paying for the difference. In either case, most firms will pay you for whatever electricity you generate that isn’t consumed. However, in other situations, the amount they’ll pay is limited-or paid at a lower rate than the electricity you buy from them.
Conclusion
Although renewable sources of energy come with certain drawbacks. They provide intermittency and a lack of low-cost recycling at the end of their useful lives. However, the above factors, together with promising research into these renewable challenges, make investing in renewables a safer bet right now. The cost to the individual varies by area. Coal has historically been unbearably cheap, but that is changing as plants age and require more maintenance. Renewable energy sources, such as wind and the sun, can be substantially cheaper to the user at various times of the day, and this tendency, while not absolute, continues to drift towards lower renewable prices.
Energy is essential for all countries’ socio economic progress. Pakistan is continuing to develop plans for renewable energy projects. However, given the present disparity between power demand and output in Pakistan, as well as the country’s significant reliance on limited fossil fuel resources, renewable energy alternatives that can profitably support conventional energy options must be operational soon. Pakistan has an abundance of resources such as wind, solar, hydro, and biomass. Solar cookers, solar water heaters, and solar dryers should be developed since an instantaneous integration strategy can have a significant impact on Pakistan’s overall energy demand.
There are various renewable energy suppliers like SESCO that provide long-term power generation and contribute to a sustainable Pakistan.
Keyword: Renewable Energy