Machine Learning

There is a common perception that renewable energy is an expensive option However, renewable energy is now close to, or even cheaper than, fossil fuel options in a number of countries A report by the US Lawrence Berkeley National Laboratory suggests that by 2020, the cost of solar PV will be cheaper than the cost of onshore wind globally Renewable energy is also becoming more cost competitive as technology advances and economies of scale develop, creating a virtuous circle that will continue to drive down costs The price of oil, one of the main inputs for fossil fuel generation, has increased to more than $114 per barrel creating an incentive for players to switch to renewable sources The current level of subsidies for renewable energy is not expected to be sustainable in the long term However, as the cost of renewable energy continues to fall, the cost of fossil fuel generation will increase as a result of the need for higher taxes to meet climate change commitments Renewable energy is also expecte