Submission + - Wind and Solar Saved the US $250 Billion Over 4 Years, Report Finds (arstechnica.com)
An anonymous reader writes: When used to generate power or move vehicles, fossil fuels kill people. Particulates and ozone resulting from fossil fuel burning cause direct health impacts, while climate change will act indirectly. Regardless of the immediacy, premature deaths and illness prior to death are felt through lost productivity and the cost of treatments. Typically, you see the financial impacts quantified when the EPA issues new regulations, as the health benefits of limiting pollution typically dwarf the costs of meeting new standards. But some researchers from Lawrence Berkeley National Lab have now done similar calculations—but focusing on the impact of renewable energy. Wind and solar, by displacing fossil fuel use, are acting as a form of pollution control and so should produce similar economic benefits. Do they ever. The researchers find that, in the US, wind and solar have health and climate benefits of over $100 for every Megawatt-hour produced, for a total of a quarter-trillion dollars in just the last four years. This dwarfs the cost of the electricity they generate and the total of the subsidies they received. [...]
As a result, the environmental and health benefits of wind in 2022 are estimated as being $143 for each Mw-hr, with solar providing $100/Mw-hr in benefits. Given the amount of power generated by wind and solar that year, that works out to a total of $62 billion and $12 billion, respectively. For the entire 2019–2022 period, they total up to $250 billion. Due to the uncertainties in various estimates, the researchers estimate that the real value for wind is somewhere between $91 and $183 per Mw-hr, with solar having a proportionate uncertainty. For comparison, they note that the unsubsidized costs of the electricity produced by wind and solar range from $20 to $60 per Mw-hr, depending on where the facility is sited. So, in some ways, the companies that own these plants are only receiving a very small fraction of the benefits of their operation. Wind and solar do receive subsidies, but even the most generous ones provided by the Inflation Reduction Act max out below $35/Mw-hr—again, far less than the health and environmental benefits. The researchers note that most of these benefits (about 75 percent) come from the reduction in carbon dioxide emissions. Still, the nitrogen and sulfur emissions reductions were also substantial: They displaced the equivalent of roughly 20 percent of the power sector's total emissions of these chemicals. That translates into avoiding about 1,400 premature deaths in 2022 alone.
As a result, the environmental and health benefits of wind in 2022 are estimated as being $143 for each Mw-hr, with solar providing $100/Mw-hr in benefits. Given the amount of power generated by wind and solar that year, that works out to a total of $62 billion and $12 billion, respectively. For the entire 2019–2022 period, they total up to $250 billion. Due to the uncertainties in various estimates, the researchers estimate that the real value for wind is somewhere between $91 and $183 per Mw-hr, with solar having a proportionate uncertainty. For comparison, they note that the unsubsidized costs of the electricity produced by wind and solar range from $20 to $60 per Mw-hr, depending on where the facility is sited. So, in some ways, the companies that own these plants are only receiving a very small fraction of the benefits of their operation. Wind and solar do receive subsidies, but even the most generous ones provided by the Inflation Reduction Act max out below $35/Mw-hr—again, far less than the health and environmental benefits. The researchers note that most of these benefits (about 75 percent) come from the reduction in carbon dioxide emissions. Still, the nitrogen and sulfur emissions reductions were also substantial: They displaced the equivalent of roughly 20 percent of the power sector's total emissions of these chemicals. That translates into avoiding about 1,400 premature deaths in 2022 alone.
