KUALA LUMPUR, Aug 13 (Bernama) – The only way to get renewable energy massively adopted is to make it affordable -- if not free. If cleaner energy is more affordable than ordinary energy, people will certainly use more renewable energy and make the sky blue.
Eloncity in a statement said as more than US$1 trillion has been spent to shift the world's energy structure towards using more renewable energy, only one per cent of renewable energy has been consumed compared to primary energy.
If the gap among community support, financial solutions, technology and local government support can be narrowed, existing power facilities can be changed and renewable energy will be the primary source of energy.
Also need to be done are the ways to encourage residents to actively participate in energy trade and how to increase the advantages of decentralized power infrastructure -- whether to reduce the cost of locally produced renewable energy or to modify electricity applications so that they can work better with locally produced renewable energy.
The decentralized power infrastructure needs the support of the people and communities. It needs to solve the regulatory barriers (especially the franchise law) and obtain low-interest loans from the financial industry to accelerate the return on investment of distributed energy resources.
In United States, the electricity wholesale price is lower than its production cost. This is due to government subsidies, tax refunds and carbon taxes all help reduce prices during the non-peak hour blocks.
Without government subsidies, it is unlikely that anyone will invest in these large-scale renewable energy power plants that lose money, regardless whether they support renewable energy or not.
While blockchain technology can effectively change the electricity infrastructure, especially replacing existing electricity infrastructure with millions of self-sufficient microgrids, transparent transactions are however only a portion of the solution.
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