- Latest research shows that renewable energy from wind and solar is cheaper than electricity from coal, oil, or methane gas, dispelling any lingering doubts about their ability to compete on cost with traditional fossil fuels
- The clean electricity sector is soaring, generating 39% of global electricity in 2022, a new record high; solar remains the fastest-growing electricity source for 18 consecutive years, growing by 24% in 2022
- Companies like GeoSolar appear poised for growth as greater demand for cleaner energy creates opportunities for the sector and evidence shows that investing in renewables is not just good for the environment, but also makes financial sense
A world powered by renewable sources once seemed like a distant dream, but it is gradually becoming a reality thanks to companies like GeoSolar Technologies (“GST”), a Colorado-based climate technology company that seeks to lead Americans toward a more sustainable living.
Despite barriers to widespread electrification, including lack of adequate infrastructure, high costs, and technological challenges, the world is inescapably transitioning towards a more electrified future – and going by the latest research, the future of electricity is increasingly green (https://ibn.fm/gCUog). The fourth annual Global Electricity Review, recently published by Ember, shows that together, all clean electricity sources generated 39% of global electricity in 2022, hitting a new record high (https://ibn.fm/4HZi2).
Ember’s study also reports that the sun and wind provide more and more of our electricity. Last year, they produced a record amount, collectively reaching a 12% share of global production, increasing from 10% in 2021. This international energy think tank argues that in 2023, wind and solar could be the driving force thrusting the world into a new era of declining fossil fuel production. Of the two, solar generation has been particularly gaining traction, as it rose by 24% in 2022. Nothing short of remarkable, the sector maintained its position as the fastest-growing source of electricity for no less than 18 consecutive years.
Although the renewable energy sector has been steadily growing for years, promising a more sustainable future for our planet, fears around its ability to compete on cost with traditional fossil fuels have remained. However, as the price of renewable technologies plummeted in recent years, driven by advancements in technology and increased investment, evidence is emerging to support the growing belief that renewable energy is not only an environmentally beneficial option but a financially viable one as well. A recent report from Lazard is the latest in a growing line of findings that have shattered the lingering fears. This renowned advisory firm showed that electricity generated from renewable sources is now cheaper than power from coal, oil, or methane gas – and it remains so by every metric analyzed, including the cost of energy, cost of energy and firming, the marginal cost of energy, and cost of capital (https://ibn.fm/PfOQ5).
As both the government and consumers prioritize renewable energy, driving demand for sustainable solutions, opportunities for innovative companies like GeoSolar Technologies will continue to grow. Poised to capitalize on the greater public awareness and pressure to transition to cleaner energy sources, GeoSolar Technologies seeks to establish itself as a key player in the industry. As a pioneer in the green home space, the company aims to spearhead the green revolution in building sustainability by helping Americans live in carbon neutral homes of the future.
Its innovative SmartGreen(R) Home system, which can be deployed in both newly built and existing residences and commercial buildings, seeks to harness energy from the sun and earth to provide power without using fossil fuels. This patent-pending integrated system allows homeowners to heat, cool, cook, power, and purify their homes using sustainable energy sources, offering a greener and cost-effective alternative to traditional energy sources.
While the end of the fossil fuel age may not happen overnight, the world is on the brink of a clean power era as the momentum shifts toward a more sustainable future. Bursting onto the green energy scene, solar has emerged as the shining star of the renewable energy sector and is increasingly used to power homes, businesses, and transportation. Aiming to offer Americans access to low-carbon, climate-resilient living through green home packages, GeoSolar seeks to capitalize on this rapidly expanding market.
For more information, visit the company’s website at www.GeoSolarPlus.com.
NOTE TO INVESTORS: The latest news and updates relating to GeoSolar Technologies are available in the company’s newsroom at https://ibn.fm/GST
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