Do you know where your energy bills come from? Fossil fuels still power over 80% of all energy use worldwide. That means most of our lives, from our commute to work to the electricity running our home, is likely still fueled by coal, oil, or gas.
Is this dangerous? Yes. Polluting? Absolutely. But here’s what really hits home: it’s also shockingly expensive and unstable.
When fossil fuel prices climb, everything costs more. It impacts factories and transportation that produce and deliver your groceries, and even the electricity bill for your fridge that keeps your milk cold. For example, in 2023, our everyday costs rose by 6.8%, with fossil fuels prices as a chief culprit.
Fortunately, the world already has a better solution which is renewable energy, especially solar and wind. And before we fall for the old myth that renewables are more expensive, let’s look at the facts:
Fact 1: Renewables beat fossil fuels on cost
The prevailing wisdom has been that renewables are costly. Well, not anymore. Three years ago, 86% of new renewable power was already cheaper than fossil fuels. Now, solar is 41% cheaper and wind 53% cheaper than the cheapest fossil fuels. Even battery storage costs which are crucial for night-time energy have fallen 93% since 2010. In fact, last year, 91% of those new projects in 2024 cost less than any fossil fuel option.
Numbers aside, almost every new wind or solar farm today is cheaper than building a new coal or gas plant.
Fact 2: Renewables are expanding worldwide, fast
2024 smashed records. Renewables (and nuclear*) supplied 41% of global electricity, a record high. In Africa, wind and solar capacity grew by more than 20%, bringing clean power to millions of new homes.
In China, the scale is even more staggering, more than half of all the new solar panels installed worldwide in 2024 were built there. That kind of growth doesn’t just power cities, it makes solar cheaper for everyone. It’s the same principle as buying in bulk at the supermarket: the more you produce, the less each one costs.
Renewable power is growing fast because it’s the most affordable option. The more we build, the cheaper it gets, and the cheaper it gets, the more people adopt it. This virtuous cycle of growth keeps driving costs down and clean energy up.
Fact 3: Renewables bring price stability
Spikes in oil prices are behind most jumps in global inflation, proof that when fossil fuels get expensive, the cost of living everywhere shoots up too.
And fossil fuel prices are notorious for swinging wildly. After Russia’s invasion of Ukraine, global oil prices spiked above $120/barrel in 2022 and gas prices in Europe rose six-fold. And when gas became scarce and expensive, many countries switched to coal driving coal prices to decade-highs. It was the ordinary households who then paid the price (literally) with soaring bills.
Renewables rely on free sun and wind, so their costs remain stable once built. A solar or wind farm delivers predictable power for 20–25 years, shielding families and economies from price volatility. No more guessing what your heating bill will look like next winter!
Fact 4: Renewables pay for themselves (and then some)
While the one time cost of installation can be high, renewable projects already show how fast costs come back. A solar or wind farm, once built, produces predictable, low-cost energy for decades, after construction, as the sun and wind are free. That same logic works on a smaller scale too.
In Europe for example, a home solar system can cost USD $5,000–16,000, depending on size. But those panels pay for themselves fast, often in 5–10 years and they deliver 20+ years of free power. So usually, households save around $100 a month on electricity bills, adding up to $34,000 and $120,000 in lifetime savings.
And it’s not just Europe. In Brazil, rooftop solar is dramatically reducing bills with solar energy costs 88% less than electricity from the grid. While in India, urban households cut electricity spending by 30-40%. In the U.S., solar families save $1,000–1,500 a year.
The evidence is laid out for us to see: fossil fuels drive up your bills. Renewables bring them down and keep them steady. They’re no longer a luxury, they’re the cheapest, smartest, and most reliable path forward.
So the question isn’t whether we can afford renewables. It’s whether we can afford to stay hooked on fossil fuels. Check your latest electricity bill and you’ll have the answer.
*350.org does not support nuclear energy as ‘clean’ nor ‘renewable’ due its carbon intensive set-up and proven high risk of deadly disasters.