by Dan Roscoe, President of Renewall
If you’ve ever opened your energy bill with a sense of dread, you’re not alone. Rising fuel costs and unpredictable utility rates, especially if you live in Nova Scotia, have made energy expenses a growing burden for households and businesses alike. But there is good news: the cost of renewable energy is falling fast—and it could drop another 50% by 2035.
What does this mean for you? More stable energy bills, more control over your power supply, and a cleaner, more sustainable future. Let’s take a closer look at how this is happening and how you can benefit from the shift.
The decline in renewable energy costs over the last decade has been nothing short of revolutionary. According to reports from BloombergNEF and the International Renewable Energy Agency (IRENA), the cost of solar, wind, and battery storage has plummeted, making them the most cost-effective sources of new electricity generation in most parts of the world.
And this is just the beginning.
Advances in technology are playing a major role and are one of only many key factors suggesting this trend will continue. Innovations in solar panels, wind turbines, and smart grid systems are consistently delivering improved efficiency while driving costs down. As researchers develop more effective materials and methods, the production of clean energy is becoming cheaper and more accessible.
Battery breakthroughs are also reshaping the energy landscape. As energy storage—perhaps the single most important technology in a successful energy transition—becomes more affordable and efficient, renewables are becoming a more viable and reliable option for both homes and businesses. Improved batteries help balance supply and demand, making it easier to store energy from solar and wind sources for use when needed, further enhancing the cost-effectiveness of renewable power.
Another major factor is economies of scale. As global demand for clean energy rises, mass production is lowering costs. Increased manufacturing output, along with growing competition among energy providers, is making renewable energy more affordable. The more widespread adoption of renewables leads to greater efficiencies in production and distribution, reinforcing the cycle of falling prices.
Global market forces are accelerating this shift. Countries like China, a dominant player in clean energy manufacturing, are producing solar panels, batteries, and other renewable components at an unprecedented scale. Their ability to drive down costs through massive production capabilities and supply chain efficiencies is making renewable energy more accessible worldwide.
Government policies and incentives are further propelling the transition. Subsidies, tax credits, and regulatory support have made clean energy a financially attractive alternative to fossil fuels. By reducing the upfront costs for consumers and businesses, these measures encourage widespread adoption, ensuring that renewables remain an increasingly affordable and competitive energy source.
With these forces working together, the cost of renewable energy is set to keep falling, making the transition to a cleaner, more sustainable future both inevitable and economically compelling.
The transition to more affordable renewable energy offers significant financial benefits for consumers. As renewable energy sources increasingly supply the grid, electricity rates are expected to stabilize, leading to more manageable utility bills for households. This shift not only reduces dependence on fossil fuels but also insulates consumers from the volatility of traditional energy markets.
Advancements in technology have made rooftop solar panels and home battery storage systems more accessible and cost-effective. Homeowners can now install these systems to generate and store their own electricity, effectively managing their power supply and reducing reliance on the grid. This autonomy can lead to substantial savings over time, as self-generated energy offsets the cost of purchased electricity.
The proliferation of renewable energy also increases the appeal of electric vehicles (EVs). A cleaner and more affordable grid means what you pay for transportation could become less expensive. This development makes EVs a more attractive investment for consumers beyond the early adopters, who will now be able to combine environmental benefits with lower costs, instead of having to prioritize one over the other.
The evolving energy landscape is giving rise to new consumer options such as community solar programs, dynamic pricing models, and peer-to-peer energy trading platforms. These innovations empower consumers to participate actively in the energy market, offering opportunities to reduce costs and even generate income by sharing excess energy. Collectively, these advancements not only promote sustainability but also contribute to more manageable and predictable energy expenses for consumers.
While the decline in renewable energy costs is promising, several challenges could affect its universal impact. Aging grid infrastructures require significant modernization to efficiently integrate an increasing share of renewables, ensuring reliability and stability. This is particularly true in Canada, where ambitious net-zero goals will require considerable investment. Policy uncertainty, influenced by recent political shifts, can also impact incentives and regulatory support, potentially hindering investment and development in the renewable sector, meaning the cost benefits could take longer to materialize at the retail level. Additionally, despite decreasing battery costs, further innovation is needed to address energy storage and intermittency issues, ensuring a consistent energy supply. Both consumers and policymakers play crucial roles in overcoming these challenges to ensure that the financial benefits of clean energy are accessible to all, not just a select few.
The transition to renewable energy is accelerating, and there are steps you can take now to benefit from it. Home solar and battery storage have become more affordable than ever, thanks to falling prices and available incentives. Installing solar panels can reduce your reliance on the grid and lower your electricity bills, while battery storage ensures you have backup power when needed. In Nova Scotia, Renewall provides a clean energy alternative, giving you the option to power your home with renewable electricity—supporting sustainability while potentially lowering your energy costs.
Beyond personal choices, advocating for smarter energy policies can help accelerate the shift to renewables on a larger scale. Supporting policies that promote clean energy investment, infrastructure upgrades, and affordability ensures that the benefits of renewables reach more people. With the energy grid becoming cleaner, now is also the right time to prepare for the electric vehicle shift. As charging infrastructure expands and electricity becomes cleaner and less volatile, EVs will only become a more cost-effective and environmentally friendly option. By taking action now, you can position yourself to benefit from the ongoing energy transformation while contributing to a more sustainable future.
By 2035, renewable energy could be 50% cheaper than it is today, ushering in a future where clean, affordable power is the norm. The choices we make now will determine how quickly and equitably this transition happens.
At Renewall, we believe in smarter energy choices. We’re here to help Nova Scotians embrace the clean energy transition and take control of our shared future. Let’s build a cleaner, more affordable tomorrow—together.
