Sustainability and Cost of Renewables

This chapter summarizes the environmental and economic costs of renewables. The chapter introduces the concept of sustainability brought about by using renewables and its effect on climate change and global warming. The concept of levelized cost of energy (LCOE) is introduced in this chapter to evaluate the overall economics of renewable energy systems. While the initial capital cost of renewables is quite high, their long-term usage is an advantage. Hence, most renewables are competitive with their fossil fuel–based counterparts. The U.S. Department of Energy has an online LCOE calculator that one may use to evaluate any renewable energy technology. The life cycle analysis procedure is presented for various renewables to evaluate their sustainability from the point of production to their ultimate use. There is a software product introduced called GREET developed by the U.S. Department of Energy. The concept of net energy balance and net energy ratios is also discussed. Finally, numerous circularity concepts were introduced for engineers to have new perspectives on how to make use of renewable energy technology for a sustainable world.