How much more expensive are renewable sources than nonrenewable sources?

SOURCE: ResearchGate

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 pretty good right? Then why aren't we taking advantage of these brand new energy sources? There are many reasons why and why not, for my fifth post I will focus especially on how much more expensive renewable energy sources are than nonrenewable sources.

In reality the cost of wind power is about $30-60 per megawatt-hour, and large-scale solar costs about t$43-53/MWh. For comparison, energy from the most efficient type of natural gas plants cost $42-78/MWh; coal power cost at least $60/MWh. So in terms of output and the amount of money you get back most renewable energy resources are way more cost efficient than their nonrenewable counterparts.

New research shows that in the long-run, renewable energy is more cost effective than non-renewable energy. Some energy companies considered costs over the lifespan of energy projects and found wind and utility-scale solar can be the least expensive energy generating sources.

It is true that most renewable energy sources are very expensive to install and may take quite a lot of time until you are able to break even with the money you spent on it but in the long run renewable energy sources are more cost effective and safer for our environment.

Sources:

UCS

Nature's Path

Research Gate