Economies that go 100% renewable could save $520 billion a year

http://www.theclimategroup.org/what-we-do/news-and-blogs/economies-that-go-100-renewable-could-save-520-billion-a-year/

One cost calculation on renevables.

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  1. Tomi Engdahl says:

    How Inexpensive Must Energy Storage Be for Utilities to Switch to 100 Percent Renewables?
    https://spectrum.ieee.org/energywise/energy/renewables/what-energy-storage-would-have-to-cost-for-a-renewable-grid

    Electricity and heat production are the largest sources of greenhouse gas emissions in the world. Carbon-free electricity will be critical for keeping the average global temperature rise to within the United Nations’ target of 1.5 degrees Celsius and avoid the worst effects of climate change. As world leaders meet at the United Nations Climate Action Summit next week, boosting renewable energy and energy storage will be major priorities.

    Wind and solar skeptics are quick to point out that such systems are expensive and can’t keep the lights on 24/7. The first argument is wilting as renewables become cost-competitive with fossil fuels. The second one also boils down to cost: that of energy storage, which will be essential for sending large amounts of renewable energy to the grid when needed.

    “Low-cost storage is the key to enabling renewable electricity to compete with fossil fuel generated electricity on a cost basis,” says Yet-Ming Chiang, a materials science and engineering professor at MIT.

    But exactly how low? Chiang, professor of energy studies Jessika Trancik, and others have determined that energy storage would have to cost roughly US $20 per kilowatt-hour (kWh) for the grid to be 100 percent powered by a wind-solar mix. Their analysis is published in Joule.

    That’s an intimidating stretch for lithium-ion batteries, which dipped to $175/kWh in 2018. But things look up if you loosen the constraints on renewable energy, the researchers say. Then, storage technologies that meet the cost target are within reach.

    Energy storage would have to cost $10 to $20/kWh for a wind-solar mix with storage to be competitive with a nuclear power plant providing baseload electricity. And competing with a natural gas peaker plant would require energy storage costs to fall to $5/kWh.

    But those figures are only for scenarios in which solar and wind meet power demand 100 percent of the time. If other sources meet demand just 5 percent of the time, storage could work at a price tag of $150/kWh. Which technologies could hit that target?

    Lithium-ion batteries are within reach of the $150/kWh target, and their share in the utility-scale energy storage is growing.

    Pumped hydro and compressed air, which use extra power to pump water uphill or to pressurize air, both of which can be used to turn a turbine and generate electricity when needed, already have a low energy cost of $20/kWh, the researchers say.

    Another viable technology is flow batteries that would use abundant, low-cost chemicals to store energy in large tanks. But not all flow battery chemistries are inexpensive. One of the main types, vanadium redox flow batteries, have an estimated cost of $100/kWh, the researchers say, but more development could bring down costs.

    Chiang is betting on sulfur batteries. He has recently developed an aqueous sulfur flow battery that could cost as little as $10/kWh.

    There are other battery technologies to keep an eye on.

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