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Role of Technology in Energy Cost Reduction

In the recent past, there has been a lot of concerns on the amount and cost of energy that was being used. Businesses have been running losses due to the high cost of energy. Big offices in different parts of the world lamented on the cost of the energy being used. Following this problem, energy technologists took it their prerogative to come up with cost effective energy and appliances that conserved energy and therefore solving the problem.

The energy technology has taken two main ways in trying to reduce the cost of energy, the two methods include; innovation of cost effective energy sources and Innovation of power saving energy appliances.

There are several sources of energy that are available for use, traditionally Cole was the main source of energy and actually a very expensive source and also none efficient, with time there have been discoveries or the innovation of cheaper and effective sources of energy and they include the biomass energy hydro energy solar energy and wind energy. The latest of these sources being the wind and solar energies which have proven to be cheap and efficient. The only disadvantage of the latter two is that they may not be available in every other geographical area. There is the last source of energy which has raised a lot of concerns about its security, this is the nuclear energy which has been described as the most efficient and cost effective source of energy, if only it could be controlled to avoid any deliberate or accidental explosions.

The other strategy to reduce the cost of energy is the innovation of energy saving appliances, for example energy saver bulbs, screens and so on. By so doing the energy used for lighting when energy saver bulbs are used, for example, reduces energy consumption by almost half and therefore reducing the cost of energy. Modern kitchen appliances such as fridges and ovens use significantly less energy up to 40% less compared to the old models used before 2001, this is a technological significant move towards energy cost reduction.

Generally, over the years there has been tremendous improvement on the energy usage and of importance in this respect is the race towards cutting the cost of energy by both using less energy to make a lump some of the work and also production of cost effective energy through identifying new sources of energy and also using new techniques to reduce the cost of energy production.

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