Over the past decade, the landscape of renewable energy has undergone significant transformations. Wind and solar power, once considered expensive alternatives, have now become the most cost-effective means to fulfill our electricity requirements. The plummeting costs of wind and solar, coupled with their widespread adoption globally, underscore their indispensability in our energy portfolio.
According to Bloomberg Finance, the installation speed of solar photovoltaic (PV) systems has accelerated dramatically over the years, from taking a year for a single gigawatt in 2004 to mere days in recent times. Similarly, the wind power sector has seen exponential growth, with costs now reaching unprecedented lows, making it the most economical option for electricity generation.
While many G20 countries have doubled their wind and solar capacities between 2017 and 2022, Ontario has stagnated, failing to add a single kilowatt of solar or wind power to its grid in the last five years. However, the Ford Government’s recent acknowledgment of the necessity of embracing these ultra-low-cost energy sources marks a positive shift. Yet, their plan to add 5,000 megawatts (MW) of new renewable energy, representing a modest 30% increase in capacity, pales in comparison to global endeavors.
For instance, the United States, through its ambitious Inflation Reduction Act, aims to triple its renewable energy capacity over the next decade, as projected by investment firm Wood Mackenzie. Ontario’s reluctance to capitalize on the benefits of low-cost and environmentally friendly wind and solar power raises several concerns.
Firstly, the government’s inclination towards expanding polluting gas power poses a threat to both the climate and consumers’ wallets. Investing in expensive and high-carbon gas-fired peaker plants contradicts the imperative of transitioning to cleaner energy sources. Moreover, the hefty expenditures on nuclear projects exacerbate electricity costs, with estimates suggesting that new reactors could be three times more expensive than wind and solar power.
Furthermore, the missed economic opportunities resulting from underutilizing renewable energy are glaring. A comprehensive build-out of renewable energy infrastructure, encompassing solar installations and wind farms, promises job creation across the province and positions Ontario as an attractive destination for industries seeking affordable, zero-emission power.
Thankfully, advancements in energy storage technologies offer viable solutions for managing the intermittency of renewable energy sources. Options such as stationary and mobile batteries, thermal storage, and collaboration with Quebec’s hydroelectric system mitigate concerns about reliability and grid stability. Even with storage costs factored in, wind and solar remain significantly cheaper than new nuclear reactors or gas peaker plants.
The urgency of addressing climate change cannot be overstated. The consequences of inaction, from wildfires and floods to extreme weather events, underscore the imperative of swift and decisive action. Waiting for ten to fifteen years for new nuclear reactors is a luxury we cannot afford when simpler, faster solutions like solar and wind projects can be implemented within months.
Ontario must recognize the urgency of the climate crisis and seize the economic opportunities presented by renewable energy. Tripling wind and solar capacity by 2035 is not only feasible but imperative for reducing energy bills, creating employment opportunities, and safeguarding the future for generations to come. It’s time to embrace the winds of change and bask in the sunlight of a sustainable future.
