With the constant stream of new technology tied to the renewable energy market and the buzz that’s built up around renewables over the last two decades, one would think that developed countries would be leading the charge in implementing renewable energy solutions. Oddly, that isn’t the case, according to a report just released by the Climatescope project.
Authors of the report studied 55 developing countries, including South Africa, India, China, Nepal, and Argentina, among others. Altogether, the 55 countries installed 142 gigawatts of renewable energy between 2008 and 2013. That is a growth of 143 percent, which far outweighs the 84 percent increase in developed nations, including the UK and the US, during the same period.
Why Such a Discrepancy?
Unlike in developed countries, where many business owners still see the switch to renewable energy as an unsound investment, developing countries see it as a cost-saving measure. Many of the countries either don’t have the infrastructure or what they do have in place has become progressively expensive. So they opt to install renewable energy options, such as solar panels and wind farms.
In Jamaica, for example, energy from solar panels costs about half as much as their wholesale electric power. In Nicaragua, traditional energy sources can be up to twice the cost of wind power. The switch from traditional forms of energy, such as fossil fuels, to renewable options, like wind and solar, lower the cost for consumers and brings in jobs and businesses.
Renewable at What Cost?
Renewable energy hasn’t hit mainstream corporate culture in developed countries yet because in many cases the upfront expense makes the switch undesirable. Business owners fear that it could be years before they completely recouped such an investment. There is validity in their concern, too. The Climatescope report indicates that the 55 countries studied spent $122 billion combined on renewable energy in 2013 alone, a figure more than double the $59.3 billion spent in 2007. So, yes, investing in renewable energy can be incredibly expensive, even on a small scale. Still, that doesn’t mean your business can‘t make a difference.
Even if your business doesn’t have the capital to convert exclusively to renewable energy, as many of the countries highlighted in the report are trying to do, there are less expensive options available to you that can help lower your energy bills. Contact the professionals at DPG Plus LTD today, and allow our team of experts work with you to create an affordable energy solution that helps both your businesses bottom line and the environment.