The renewable energy sector is on a mission to revolutionize traditional energy-related thinking patterns. Among various studies, hydrogen, solar, and other clean energy sources are on path to transform oil supply necessities, noting that such solutions are trending cheaper than oil and gas.
USA Clean Energy Association provides solar energy service, sales, and installations throughout the United States. As an industry leader, USA Clean Energy Association takes a look at what’s happening around the world within renewable energy, providing insights on the transformations, technology, and industry advancements to current and future solar/green energy customers.
What’s New in Clean Energy Worldwide
Renewable energy companies around the world are always looking for ways to develop new technology, improve their carbon footprint, and lower costs for customers. Below, a cost-competitive molecule, utilized by combining hydrogen and solar is discussed.
Hydrogen and Solar can Create a Cost-Competitive Molecule
With hydrogen, solar energy can be transformed into a molecule that behaves like oil, coal, or gas. It can be transported, stored, and used when needed.
And while the general population may still believe that such energy sources are expensive, that isn’t the reality anymore. Nowadays, the molecule is wonderfully cost-competitive especially in today’s market.
Thanks to advanced technology and the ever-dropping price of solar, renewable energy is trending cheaper than its fossil fuel counterparts.
The Scalability of Clean Energy in Europe
German based company Tree Energy Solutions is currently constructing Europe’s biggest LNG terminal in Germany, which will import regular liquefied natural gas. But beginning in 2026, the terminal will start importing ENG or electric natural gas (i.e., natural gas made with hydrogen).
Due to the difficulty of transporting hydrogen from the deserts of Texas or similar places, the European company has incorporated an extra step process.
Converting hydrogen into methane by combining it with carbon dioxide, this process creates an entirely renewable molecule that can be utilized wherever and whenever it’s required.
The business’ CEO said that the cost of the above operation will continue to decrease as the technology evolves. He went on to mention that the electrolyzers (required to craft the hydrogen) are also becoming less expensive, accelerating the price drop of clean energy solutions throughout Europe.
As more energy companies are becoming aware of such technology, they’re realizing that it’s not only cheaper but easier than drilling for fossil fuels.
The Future Energy Mix
Historically, there are polarizing views on the world’s future energy mix — the oil companies said it would all be oil-fueled, and electricity companies said it would be all-electric.
However, a consensus has finally been obtained. According to industry experts, the globe’s energy mix in the future will look something more like this:
- 50% will be electrons (i.e., direct electricity for things like heating, cars, industries, and more)
- 25% green molecules made by hydrogen
- 25% green molecules made by biofuels
Dominating one-quarter of the market, hydrogen is set to take up the same percentage as oil today.
This energy mix is expected to come to fruition by 2050. But industry participants are working tirelessly to bring the date forward, scaling the industry far quicker than anticipated.
The Bottom Line: Clean Energy is Set to Remain Cheaper Than Oil and Gas
Due to the ever-lowering price of solar technology and the push for cleaner resources worldwide, green energy is expected to stay less expensive than oil and gas going forward.