5 renewable energies that will cut costs in 2023

As the global population surges, so does the need for household energy increases. More than ever, there’s a growing need for energy to run our homes, factories, and cities. However, this could be expensive and often reduces your savings. Renewable energy” refers to energy from natural resources that are not depleted but renewed effectively. In the long term, this reduces the cost of living and enables you to save more. Such sources include sunlight, wind, water, etc. 

How renewable energy helps to reduce cost

1. By lowering monthly bills 

Switching to renewable energy sources reduces monthly energy bills. Research has revealed that utilizing the latest renewable energy sources, such as solar panels and wind turbines, would slash the cost by 6%. 

2. By saving time and energy

Time is money, and energy is vital. Renewable energy conserves energy and deploys it to houses, reducing the time our energy corporation spends on generating energy.

4. By reducing waste

According to Statista “renewable energy is 99% efficient”. This means that there is little or no waste. Therefore energy is conserved, and the average energy cost is reduced.

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Forms of energy that reduce the cost of living 

1. The Hydroelectric mills

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The Hydroelectric form of energy is one major form of energy that can save cost and still give maximum efficiency. According to the U.S. Energy and Information Administration (E.I.A.), the Hydroelectric form of energy has a utility-scale of 28.7% and could double by 2027. This energy form refers to using dams, reservoirs, and mills to generate energy, especially electric energy. Researchers predict that “with the right investments and structures in place, this form of energy can reduce 25% household energy cost.

2. Wind turbines

Lots of wind energy technologies have evolved over the last few years. However, Wind turbines have proven to be the most sustainable! This form of technology involves the use of wind turbines to tap free kinetic energy from the atmosphere. After successfully tapping, this kinetic energy is now converted to the exact form of energy needed in homes (Electric, electromagnetic, heat). Wind turbines are mainly used in China, the U.S., and Germany and have proven to reduce the average energy cost to nearly 8%.

3. Geothermal reservoir tech

Geothermal reservoir technology is arguably the smartest form of energy! This reservoir-tech captures heat from the atmosphere and processes it to the exact energy type needed at home, work, or school. There are two types of geothermal reservoirs: hydrothermal reservoirs, which are inherently hot, and enhanced geothermal reservoirs, which are already hot but are heated further by hydraulic stimulation. Energy experts are optimistic this tech will reduce basic energy costs.

4. Solar panels

Solar panel energy is the most abundant of all energy resources and can even be harnessed in cloudy weather. Solar technologies can deliver heat, cooling, natural lighting, electricity, and fuels for various applications. Solar panel technology converts sunlight into electrical energy through photovoltaic panels or mirrors concentrating solar radiation. This process has been reported to reduce average energy costs and is now used in South America, Asia, and some European countries. 

5. Tidal converter

This is another form of hydro energy that uses tidal currents to drive turbine generators. As the tides rise and fall, they cause a surge in the ocean, generating heat and electric energy. While this energy can save cost, experts fear it may not be reliable long-term.

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What next for the future

The world is on the path to significant energy-cost reductions in 2023. With renewable energy sources like solar, wind, hydro, geothermal, and tidal energy at the forefront, we may anticipate lower installation and maintenance costs, greater efficiency, and more scalability. These developments will decrease costs and increase better standards of living.