We’ve all heard the common myths about renewable energy: It’s expensive; it can’t be relied upon; there just isn’t enough of it to meet our energy needs. But as technological advances and plummeting costs drive explosive growth — U.S. installed wind capacity has grown sevenfold to nearly 47 gigawatts in the last seven years — real-world experience is shattering long-held assumptions every day. Even ardent supporters of renewables may be surprised by what we’re learning.
Renewable energy actually reduces electricity prices for businesses and consumers. A new analysis [PDF] conducted by Synapse Energy Economics on behalf of Americans for a Clean Energy Grid found that adding more wind power to the electric grid could reduce wholesale market prices by more than 25 percent in the Midwest region by 2020 — $3–$10 per megawatt hour (MWh) in the near term, and up to nearly $50 per MWh by 2030. Those savings would be passed along to consumers through lowering retail electricity prices by $65–$200 each year.