Question: How much money does renewable resources save?
Answer: Global annual consumption of energy is currently 131666667000000 kilowatt hours per year with around 85% currently coming from fossil fuels which are notoriously inefficient (around 30% efficiency). Renewable energy sources on the other hand like wind, tidal, etc are around 80% efficiency. Using a cost of $0.12 per kilowatt hour which is the average in the US and with the US being the largest energy consumer we can make a very rough estimate of $1.6 trillion dollars a year spent on energy with 80% coming from fossil fuels amounts to around $1.3 trillion spent on fossil fuel energy. Assuming a 3 fold increase in energy efficiency by switching from these conventional energy sources to renewable sources (30% to 80% efficiency switch) gives us a new cost of $500 billlion compared to $1.3 trillion as a result of switching all conventional energy to renewable energy. So, around $800 billion in savings globally. I’m sure you’re aware all of this is incredibly roughly estimated but it should give you a good idea just how much money could be saved by switching. You also need to take into account though that renewable energy resources like tidal power have much higher initial investment costs than coal power plants and so savings might not be realized until years later and thus would end up costing more in the short term.
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