According to the report released by the International Renewable energy Agency (IRENA), Ministry of Foreign Affairs and Masdar Institute concerning energy prospects, it is possible for UAE to save Dh6.98 billion or $1.9 billion per year by 2030 by generating 10 per cent of renewable energy in its total energy supply and almost 25 per cent in the power sector.
The report which is entitled ‘The Renewable Energy Prospects: UAE’ highlights the initial public evaluation of various energy technology overheads and potentials.
Furthermore, it also emphasizes the thought of utilizing green power has financial significance. It is mentioned in the report that the brisk declines of the expenses in renewable energy and increasing costs for natural gas are the main as the key rationale for renewable energy’s financial attractiveness.
Solar and wind could become the inexpensive sources of energy supply in the UAE as stated in the report. The solar Photo voltaic costs, for example, have dropped by 80 per cent since 2008. The costs for solar are expected to fall even further.
The report also assessed that solar, wind, and waste-to-energy are favorable for power production when new gas is over $8/MMBtu.
An additional annual net savings of $1-$3.7 billion by 2030 is expected if the advantages in health and environment are also included.