ABSTRACT
This chapter summarizes the environmental, economic, and social costs of renewables. The chapter introduces the concept of sustainability brought about by the use of renewables and its effect on climate change and global warming.
The concept of levelized cost of renewable energy (LCOE) is introduced in this chapter to evaluate the overall economics of renewable energy systems. While the initial capital cost of renewables is quite high, its long-term usage is the advantage. Hence, most renewables are competitive with their fossil fuel–based counterparts. The U.S. Department of Energy has an online LCOE calculator that one may use to evaluate any renewable energy technology.
The life cycle analysis procedure is presented for various renewables to evaluate its sustainability from point of production to its ultimate use. There are numerous software products introduced, such as the GREET. The concept of net energy balance and net energy ratios are also discussed.
Finally, the social costs of renewables are further discussed to provide engineers with new perspectives on how to value the social costs of installing a renewable energy technology.
