Debunking The Myths Surrounding Environmental Economics

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Matt Bevington, who is a member of the Green Party, writes to dispel myths about the cost of renewable energy.

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EmissionsPut simply, renewable energies are at least as cheap as their fossil fuel alternatives. Here’s why:

First, some surprising facts that correct myths we’ve all heard about renewable energies: Global fossil fuel subsidies are five times higher than renewable subsidies. Britain’s coal-fired power stations only run at 34 per cent efficiency. And studies have shown that solar technologies can produce ten jobs per unit compared with one in conventional energy.
Climate-sceptic rhetoric leaves aside this pertinent evidence preferring confirmation bias as a basis for policy instead.

The cost of electricity is measured in cents ($) per kilowatt hour (kWh). This is calculated using a system called the levelized cost of electricity (LCOE) which accounts for factors such as capital costs, fuel costs, and maintenance, to create comparable figures.

The LCOE includes an assumed utilization rate that allows for intermittent renewable supplies. Critics say that the LCOE doesn’t account for additional…

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