How Moving Towards Net-Zero Will Affect Electricity Delivery Rates
Over the past couple of decades, it has been made very clear that the move towards net-zero needs to be made. With climate change showing evident negative effects on the planet, many governments are developing plans to become net-zero by 2050 in order to slow the effects of climate change. This is extremely important for the planet, but during the transition to net-zero, the power grid will be challenged. This will cause global electricity delivery rates to be more volatile.
A 2022 report by McKinsey & Company analyzed what moving towards net-zero would cost 25% more than current rates by 2040. The report also identified that global delivery prices already surged to new heights in the 3rd quarter of 2021. This transition to net-zero will be costly at least for the next 25 years, and homeowners will pay the price through their bills. The McKinsey report suggests that this is inevitable if we are to achieve net-zero by 2050 The chart below from the report is a projection of what the costs could look like.
Everyone’s electricity bills will inevitably see an increase but there are ways to save. By investing in an Anorra microgeneration wind turbine, not only will you be helping in the net-zero cause but your house/cottage could have a self-generated source of energy. By becoming less grid-dependent you can save on electricity usage which can help offset the increasing delivery costs