Energy Storage: The Final Barrier to Wind and Solar’s Success
Perhaps the biggest shortcoming of solar and wind power is their intermittency. In locations like Hawaii, where I live, wind and solar power are already competitive on price. My fossil-fuel supplied electricity typically costs above 40 cents a kilowatt-hour, and wind and solar power can compete with that. But since they can’t supply power that is available on demand (firm power) they must be backed up by power sources that can provide power when the sun isn’t shining and the wind isn’t blowing.
This scenario could change dramatically if cost-effective energy storage solutions were developed. I consider this to be the most important unresolved problem in the energy business. A company that develops a way to efficiently and economically store intermittent energy for on-demand use will be a game-changer.
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