Why are we not taking renewable energy sources as seriously as we should be?

SOURCE: MIT Energy Initiative

The economic principle I'm exploring is Institutions are the "rules of the game" that influence
choices.

First, according to the US Energy Information Administration, "renewable energy is energy from sources that are naturally replenishing but flow-limited. They are virtually inexhaustible in duration but limited in the amount of energy that is available per unit of time."

Sounds quite promising right? Then why aren't we taking full advantage of this newly found energy source? There are many reasons why actually, for this first post I will focus especially on cons of Solar Energy because all renewable energy sources are pretty similar in these circumstances. Many of these points came directly from Advantages & Disadvantages.

• Cost: "The initial cost of purchasing a solar system is fairly high. This includes paying for solar panels, inverters, batteries, wiring, and for the installation."
• Weather Dependent: "Although solar energy can still be collected during cloudy and rainy days, the efficiency of the solar system drops. Solar panels are dependent on sunlight to effectively gather solar energy. Therefore, a few cloudy, rainy days can have a noticeable effect on the energy system. You should also take into account that solar energy cannot be collected during the night."
• Storage Is Expensive: "Solar energy has to be used right away, or it can be stored in large batteries. These batteries, used in off-the-grid solar systems, can be charged during the day so that the energy is used at night. This is a good solution for using solar energy all day long but it is also quite expensive. In most cases, it is smarter to just use solar energy during the day and take energy from the grid during the night."
• Uses A Lot Of Space: "The more electricity you want to produce, the more solar panels you will need, as you want to collect as much sunlight as possible. Solar panels require a lot of space and some roofs are not big enough to fit the number of solar panels that you would like to have. An alternative is to install some of the panels in your yard but they need to have access to sunlight."
• Associated With Pollution: "Although pollution related to solar energy systems is far less compared to other sources of energy, solar energy can be associated with pollution. Transportation and installation of solar systems have been associated with the emission of greenhouse gases. There are also some toxic materials and hazardous products used during the manufacturing process of solar photovoltaics, which can indirectly affect the environment."
• Requires Exotic Materials: "Certain solar cells require materials that are expensive and rare in nature. This is especially true for thin-film solar cells."
• Not Suitable for Every Home: "Some roof types are less compatible with solar. It is difficult for solar installers to work on slate and wood roofs, because these roof materials are brittle and can break. They require specialized mounting components and equipment because installers can’t walk on the roof without damaging it. This means that installations on slate and wood roofs are more expensive."
• Hard to Sell House with Solar: "Many people will hesitate to put solar panels on their house because they may not be living there indefinitely. A lot of the time people relocate due to changes in jobs and it may be hard to sell a home with solar panels on it."

In my next blog post I will research the question: There is not a scarcity of wind, light, or flowing water so why not use it more often?

Sources:

Energy Explained