Renewable energies are generated energies from unlimited natural resources. These resources are replenishable quickly than the rate at which they are consumed or they are available with no time limit.
Renewable energy technologies are to generate, convert and deliver all form of energy to its consumer. For instance, solar, heat-exchange, tidal, hydro, wave, wind and bioenergy are powered by the Sun. Bioenergy technologies allow us to convert plants, food wastes, farm wastes, forest wastes, sewage, and algae into heat, electricity and fuel. Tidal and wave also source their energy from the moon, while Geothermal is powered by deep heat trapped within the sub-surface of the earth.
We’ll discuss the cost of these renewable energy technologies below:
Solar energy can be derived by capturing the energy from the Sun with the help of photovoltaic (PV) through the use of solar cell converting it directly into electricity. This electricity are commonly use nowadays at home, industries and to power machinery. Several years back, an average 6-kilowatt-hour solar system for home is about $50,000. The cost of solar has dropped in the past recent years. The cost of a typical home installation ranges from $16,000 to $21,000, which makes it a 62% average annual decrease. A single solar panel ranges between $2.67 and $3.43 for buying and installation, the price of the whole system depending on its capacity, measured in watts.
Wind energy is produced by the movement of air relative to Earth’s surface and can be captured by using turbines and converting it into electricity. Wind turbines under 100 kilowatts cost ranges $3,000 to $8,000 per kilowatt of capacity. A 10-kilowatt machine which is capable of supplying a big house can be installed around the cost of $50,000 to $80,000 or even more. Commercial Wind Turbines installed nowadays are 2 MW in size and cost roughly $3 to $4 million and the utility-scale range from about $1.3 million to $2.2 million per MW of nameplate capacity.
Hydroelectric energy is a form of energy that uses the power of water in motion to generate electricity. The investment costs of large hydropower plants range from $1750 per kilowatt to $6250 per kilowatt while the investment costs of medium and small hydropower plants range from $2000 to $7500 per kilowatt and from $2500 to $10,000 per kilowatt, respectively. And also Operation and maintenance costs of hydropower around 1.5% and 2.5% of investment costs per year.
Geothermal energy is heat derived from the heat trapped within the sub-surface of the earth. Considering the drilling, construction and plant designs the geothermal upfront cost is really high not to talk of the cost of fuel to keep it running, operating and maintenance cost is about $0.01 to $0.03 per kilowatt while the cost for the field and plant ranges around $2500 per installed kilowatt the U.S and $3000 to $5000 per kilowatt for small power. Power is sold at $0.03 to $0.035 per kWh. A power plant built today would probably require about $0.05 per kilowatt.
Bioenergy is sourced from varieties of organic matter that comes from recently living plants and organisms. Small-scale biomass electric plants installation costs around $3,000 to $4,000 per kilowatt-hour including Levelized cost of energy of $0.8 to $0.15 per kilowatt-hour.
Ocean power plant
Plant designs, construction and installation the ocean power plant are upfront cost is, the cost per kWh will depend on the amount of electricity generated which is usually determined by the availability of resources, the features of the devices converting the resources into electricity and time. for instance, it has been estimated that Sihwa the biggest lake tidal power station cost $117 per kilowatt h, while it produces electricity at $0.02 per kilowatt h. It is formed of 10 generators, and produce a total energy capacity of over 550 Gigawatt h every year.