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Lowering Solar Prices Boosting Net-Zero Efforts
Recent study showing that cost of new technologies dropping faster than anticipated, opening doors for facility owners and managers to make upgrades. October 30, 2023
Commercial buildings are responsible for 35 percent of the electricity consumed in the United States, according to energy.gov. So obviously institutional and commercial facilities are a prime target for reducing energy consumption.
Still, even with this information, and ongoing efforts to reduce carbon emissions in buildings, it’s been an uphill climb to help reverse climate change. Despite pledges from local governments and buildings to reduce their carbon footprint by 2030 or 2050, experts say the efforts, at their current rate, may not be enough to make a difference.
A report from Utility Dive indicates that there might be some positive signs in this battle. It reported that lower prices for solar power and storage over the last decade have helped facilities reach their net-zero transition goals than current models indicate.
The article cites a new study from the Mercator Research Institute on Global Commons and Climate Change (MCC) that credits a “strong growth in intermittent renewables and widespread adoption of efficient end-use technologies” as reasons for hope.
The study cites a 90 percent cost reduction within 10 years and the lowering cost of fossil-free solutions as reasons for hope that facility owners and managers can achieve their net-zero goals more easily, as costs, especially in facilities that rely on government funding for operations. One cost-cutting example the study provided was in the price of batteries, which the report said cost less than $100 per kilowatt hour, which is significantly less than what was predicted for 2030.
“Some calculations even suggest that the world’s entire energy consumption in 2050 could be completely and cost-effectively covered by solar technology and other renewables,” says the lead author of the MCC’s study. “This is an extremely optimistic scenario – but it illustrates that the future is open. Climate science, which provides policymakers with guidance in its scenario models, must reflect technical progress as closely as possible.”
Dave Lubach is executive editor of the facility market.
