Renewable Energy is Actually Cheaper than Coal and Gas in Australia Care2.com (blog) Non-subsidized renewable energy is now cheaper than electricity from new-build coal- and gas-fired power stations in Australia, according to new analysis from research firm Bloomberg New Energy Finance.
Bloomberg New Energy Finance’s research on Australia shows that since 2011, the cost of wind generation has fallen by 10 percent and the cost of solar photovoltaics by 29 percent. In contrast, the cost of energy from new fossil-fuel plants is high and rising. New coal is made expensive by high financing costs. The study surveyed Australia’s four largest banks and found that lenders are unlikely to finance new coal without a substantial risk premium due to the reputational damage of emissions-intensive investments – if they are to finance coal at all.
Finally, a country that gets it. A country with plenty of thriving businesses, wealthy people and politicians, I might add. Yet, somehow, Australia has been able to see what the U.S. refuses to acknowledge: fossil fuels are the dying relics of the past, and to continue to subsidize them is to doom our economy to failure (not to mention all the life-threatening pollution).