– Renewable energy sources are very valuable because this is a gift from our God to us. God has given us the mind to think. So we should use this blessing to make use of these resources wisely. We know these resources are unlimited for us. But people do not get the effective use of it because people think about their benefits. We know if we started the usage of these renewable resources then how they will earn money for their living but no one thinks. If people start thinking that, in the end, this is our planet and these are people like us. Then they will be honest and start using these resources to save their planet from excess pollution which is producing due to burning non-renewable energy sources like Coal, Oil, Fossil Fuels. These are ultimately increasing pollution in our environment and ultimately in our planet.
Keywords – energy system, Design, material, cost, Expenses, annual profit
- Introduction and Motivation
In this report, we have to search for alternatives to a renewable energy source which will include Different energy systems, designs, Different locations, Different materials. Our project is to collect data for different renewable energy systems. We have to make a report on Different types of renewable energy systems which can be used as alternatives. This project will include the following parameters:-
- Initial costs
- Operation and maintenance cost
- Collect data from different bank websites
- Table form to calculate data in MS Excel
- Compare the alternatives.
- Sources of Renewable Energy
- What is Renewable Energy?
The energy which we get from renewable energy sources. The sources can not only be used but also be recycled. The energy obtained from these types of sources is called renewable energy.
- Renewable energy from different Energy Systems
Renewable energy can be obtained from different energy systems. The names of these systems are as follows:-
- Wind energy
- Solar energy
- Geothermal power
- Biomass energy
- Different Designs of Different Renewable Energy Systems
As we have mentioned different renewable energy sources and different energy systems. They should have different designs too. Every source is different so their way of making renewable energy will also be different. We will describe it with different examples:-
- Hydropower: The renewable energy obtained from water is called hydropower. This includes the use of turbines, generators, and the most important reserves of water storage called dams
- Wind power energy: The type of renewable energy obtained from winds is called wind energy. This includes the use of turbines too but this turbine is in the form of big propellers that fit onto the high pillars and serve the purpose of generating renewable energy from them.
- Solar Energy: The type of renewable energy obtained from the Sun in the form of sunlight is called solar energy. This includes the use of solar energy that converts sunlight into renewable energy.
- Geothermal Energy: The energy obtained from the heat present under the Earth. This
Includes the use of turbines because when the heat is produced due to magma present beneath the earth which convert water into steam.
- Biomass Energy: The type of renewable energy obtained by burning living materials such as plants and animals. This also includes the use of turbines ultimately to generate renewable energy.
- Locations of the Renewable Energy Systems
- The location of turbines for hydropower is on high peaks. The dams are at height. These are the locations for generating renewable energy from hydropower.
- The location of turbines for renewable wind energy is at places where mostly wind blows.
- The setting of solar panels can be on the roof of houses and buildings and fields to get renewable solar energy.
- The renewable geothermal energy systems can be set within the Earth because of the magma which is used to produce renewable geothermal energy.
- The renewable biomass energy system sets up at the places where there are wastes of plants and animals for burning purposes.
- Energy Materials for Renewable energy
- The energy material required for Hydropower is Water. As the name indicates Hydro means water so this is required for generating renewable energy.
- The energy material required for wind energy is wind. As the name indicates wind is required for generating renewable energy.
- The energy material required for renewable solar energy is As the name indicates sunlight is required for generating renewable energy.
- The material required for renewable geothermal energy is steam generated from underground water due to the presence of hot magma. As the name indicates Geo means earth and thermal means heat.
- The material required for generating renewable biomass energy is the waste of living plants and animals for burning purposes. The heat generated from this burning will help in generating renewable energy.
- Data Collection
The initial costs that companies pay for setting up the systems for generating renewable energy from renewable resources. In the following, we will discuss their initial costs of every renewable energy resource.
- The initial costs for producing 1kwh Renewable wind energy from wind is $3000-$5000. Producing 10 kWh energy costs $40000.
- If you want to produce a ton of Renewable Geothermal energy then the initial cost for setting up a heat pump is $2500 and for producing 3 tons of geothermal renewable energy costs $7500.
- If you want to produce 11000 kWh of Renewable Solar energy then its initial cost is $35000-$52000.
- the cost of generation of The cost for producing Hydropower renewable energy is 0.85 cents per kilowatt-hour.
There are many estimations that the United States is trying to make electric energy renewable. There is also an estimation that it would cost trillions of dollars. For instance, if the United States tries to make this assumption true then it would cost $4.5 Trillion by 2030, and by 2040 it would cost $5.7 Trillion. According to this, every resident in the U.S. will be held responsible for $2000 per year till 2040.
Now, if we examine the cost charges on these renewable energy systems. We can see a considerable decrease in their prices because of some reasons which are as follows:-
- Higher Capacity
- Efficient Design
Now we will discuss how these factors can decrease the costs of producing Renewable Energy. The extraordinarily increasing capacities of absorbing energy let’s say sunlight in solar panels. They can capture a high proportion of light at the same time convert it into energy that can be consumed will decrease our costs.
How Efficient design will help us in decreasing the cost. The answer to this question is Efficient Designs will have a large surface area that will absorb and convert it into a large amount of consumable renewable energy.
- Data Analysis and Results
The initial costs for producing 1kwh Renewable wind energy from wind is $3000-$5000. Producing 10 kWh energy costs $40000. If you want to produce a ton of Renewable Geothermal energy then the initial cost for setting up a heat pump is $2500 and for producing 3 tons of geothermal renewable energy costs $7500. the cost of generation of Hydropower. The cost for producing Hydropower renewable energy is 0.85 cents per kilowatt-hour.
In the above graph, there is an analysis of the costs and the sources of generating Renewable Energy. In this, the blue represents the cost that was charged in 2002 and the red color shows the cost that was charged in 2030. We can see that there is an increase in cost in 2030 because in 2002 there were only charges for installation of machinery but now there are maintenance charges too. But there is only one exception, in the case of Solar panels, the cost in 2002 is way higher than in 2030. We can explain the reason because the Solar panels need a lot of for their installation than any other renewable energy system.
Internal Rate of Return (IRR)
The internal rate of return for these renewable energy systems are as follows:-
- The total IRR for renewable energy projects has been estimated by the government ranges from 9-11%.
- The IRR for renewable wind energy systems is 9%
- The IRR for solar renewable energy estimated 11%.
- The IRR for hydropower energy is same as wind but different from solar renewable energy systems which is somewhere between 9% and 10%.
I would conclude my assignment by saying that the renewable energy obtained from water which we called hydropower is far less cheap than any other renewable energy resource. As we have discussed the wind energy and solar energy. These energies can only be obtained when high-energy systems are set up like windmills and solar panels. They cost a lot of money to set up these systems. We should prefer making renewable energy with the help of water which we also called hydropower. We should make wise usage of everything.