Is the world slowly switching from oil to other, cheaper energy sources?

Is the world slowly switching from oil to other, cheaper energy sources?
May 15, 2018 CashLady
green energy

Where are we in terms of greener, cheaper energy?

A greener world is something that many people have been working towards for a number of years but it’s only recently that this has risen to the top of the agenda for all of us, as the costs of powering our world have risen, both in a financial context and an environmental one. Oil has been the fuel source of choice for decades but everyone from business people to politicians have been aware of the need to find alternative sources to fuel everything from home power to factories and businesses – and now the switch is beginning to take place.

While much of the motivation for investigating different fuel sources has come from the European Union – and has had an environmental focus – the economic benefits of cheaper fuels have also encouraged many in the business community to look into this as an option. This is why we have seen a large number of new fuel cars hitting the market over the past couple of years, for example, with electric and hybrid designs now widely available in a way that no one previously thought would be the case for the commercial market.

Bio Fuels

Bio fuels are also being seen as a much more economical alternative to oil that costs the earth and the pocket. Over the next decade the predictions are that bio fuels will gain a larger and larger market share thanks to the fact that they are relatively easy to produce and to use. Examples include corn based ethanol, bio diesel made from recycled cooking oil and raw vegetable oils that have come from vegetable crops such as soya beans. The cost of production for bio fuels has been something that has held the industry back in the past but with government subsidies and an increasing amount of private investment focused on encouraging greater innovation and competition it could only be a matter of time before bio fuels are a cheaper and more convenient energy source than oil.

Natural Energy

There are also natural energy sources, those that have been on many of our radars for some time – namely hydro electric power, solar power, geothermal power and wind power. These energy sources harness the power of the world around to power everything from domestic lights through to cars and appliances. Increasingly, these methods of energy entrapment are being offered to members of the public in their own homes. There are incentives for creating your own energy via a home alternative energy sources, not least of which is that you don’t have to pay for the energy that you produce so you can cut your energy bills. Energy that isn’t used can be sold to an energy company, making this a far more profitable way to keep a home or business going than buying the energy in from another source.

All you need to do in 2015 is look at the world around you to see how alternative energy sources are beginning to be incorporated into every day life. Which begs the question, how can you start using this change to benefit your budget?

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