“It is economically to our advantage to move as quickly as possible to a system of 80 percent renewable energy,” “Our estimate is that the changeover will cost about 500 billion euros,” or about $628 billion, Eicke Weber, the Fraunhofer Institute for Solar Energy Systems’ director and a professor of physics at Freiburg University, said. “However, between now and 2050 we will realize savings of between €600 billion and €1,000 billion. These are savings on the total energy system, including fossil fuels and the distribution system.” The simulations show that switching to a low carbon economy can be done without damaging businesses or living standards. In addition, “This model distinguishes itself by its level of technological detail and its comprehensive coverage of the relevant interactions in the system.” said the professor. One thing I found interesting is that they took into account daily fluctuations in energy use: “the electricity system would incorporate substantial storage capacity to handle the fluctuations of supply and demand. This could take the form of about eight million batteries connected to home photovoltaic systems and a doubling of current pumped storage capacity. Heat storage would be split among about 150 large-scale centralized storage plants and about seven million home storage units. Also, jobs to build this infrastructure would be made available! Sounds like a win, win. Hopefully they’re able to pull this off and set an example for the rest of the world and even use the simulation in other places.
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Eicke Weber, the Fraunhofer Institute for Solar Energy Systems’ director and a professor of physics at Freiburg University, said. “However, between now and 2050 we will realize savings of between €600 billion and €1,000 billion. These are savings on the total energy system, including fossil fuels and the distribution system.
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