Let’s presume we use that $7.4 billion and invest in renewables instead:
- Large scale solar farm installations can cost as low as $1/Watt (or $1 million/MW) and don’t forget the long-term jobs that come with this
- Wind farms on the other hand: “The commercial wind turbine cost is about $1- $2 million a MW nameplate capacity installed and if you buy the same turbine in 2 MW, its cost would be about $2.8 million.”
- Geothermal: “According to studies, an economically competitive geothermal power plant can cost as low as $3400 per kilowatt installed.” (or $3.4 million/MW)
Some of the savings could also be used for investment in research and innovation for battery storage:
- Investments in storage innovations like Tesla’s large scale (100MW+) batteries would go a very long way.
Romy Tittel, Thana Boonlert and Brian Deheer