Why is Everyone Energized About Renewable Energy?
By: Abbey Pizel, Natural Resource Policy Analyst
Colorado (and the U.S. as a whole) relies heavily on conventional energy sources like coal, oil, and natural gas to provide fuel for our cars, heat and lights for our homes, and even food. Colorado’s oil production has more than quadrupled between 2005-2015, and natural gas production increased 50 percent over that same period. However, conventional energy sources are nonrenewable meaning the energy they produce comes from a limited source. Because their sources are limited, conventional energy will eventually become too monetarily or environmentally costly to be sustainable. This has led to rising concern about the environmental and economic impacts nonrenewable resources have on our communities. To combat these concerns, scientists, advocates, and policymakers are looking at alternative energy sources. Enter renewable energy.
U.S. Department of Energy
Renewable energy is produced from sources that are naturally replenished over time. Solar, wind, geothermal, and hydroelectric are a few of the most well-known sources. Electricity generation, air and water heating and cooling, and transportation, can all be powered by renewable sources. Renewable energy, a cleaner alternative to oil, gas and other nonrenewable sources, provides a strategic step in climate mitigation and environmental conservation. The appeals of renewable energy are economic as well as environmental since it has the potential to boost economic development and job creation. The health impacts of producing wind or solar are also substantially less than producing coal or oil. So why haven’t we transitioned to renewable energy at a much faster rate?
The primary reason is price. Historically, the technologies needed to develop and produce renewable energy have been considerably more expensive than conventional energy. However, since 2010, the cost of solar electricity has fallen by 73 percent and wind production by around 23 percent. Renewable energy continues to see decreasing production prices attributable to three things: advances in technology, a growing base of experienced developers, and a completive bidding process for projects. Because of the lower prices, renewable energy is not only environmentally friendly but also economically feasible. Electricity from renewable sources has more than doubled since 2010 to around 20% of Colorado’s net electricity generation in 2016, led by increased wind power from the state’s roughly 1,900 turbines (EIA).
An Investment in Renewable Energy is an Investment in Colorado
Huerfano Wind Farm Wikipedia
By turning to renewable energy, Colorado, like many other states, is making a social and financial investment that will secure a diverse and stable energy future. Renewable energy provides clean, safe, reliable, and affordable energy necessary to build a sustainable future that works for all Coloradans.
On June 6, 2018, Xcel Energy unveiled the much-awaited Colorado Energy Plan as part of their Electric Resource Plan. The Colorado Energy Plan is the product of consumers, businesses, energy producers, and rural leaders recognizing the need for a diverse energy mix that is affordable, clean, and accessible. Under this plan, Xcel would retire two coal fired power plants in Pueblo, CO and replace the energy with clean energy sources. The Colorado Energy Plan offers a diverse energy mix of resources including more than 1,800 MW (megawatts) of new wind and solar and would double the amount of battery storage. Xcel will own 27 percent of renewable resources and 58 percent of nonrenewable resources.
Xcel estimates retiring the coal plants ten years ahead of schedule would reduce carbon emissions by 40 to 60 percent below 2005 levels by 2026. The Colorado Energy Plan would move Xcel towards nearly 55 percent renewable energy by 2026. Additionally, the Colorado Energy Plan would generate a more than $2.5 billion economic impact in eight Colorado communities, furthering investment in a Colorado that thrives now and for future generations. All of this would be done while maintaining or lowering costs to ratepayers. The Colorado Energy Plan is a substantial step for Colorado in achieving a clean, affordable, and diverse energy future.
