The costs and benefits between solar and wind energy are very subjective. There are necessarily three factors that determine the economics: capitol costs, operating and maintenance costs and fuel costs. These must be taken into consideration when comparing renewable energy sources with conventional energy sources as well as when comparing one form with the other. Interestingly enough, the cost of renewable energy is enjoying an inherent decreasing cost curve while non-renewable sources are increasing in cost. Generally speaking, costs for photovoltaic and concentrating solar power (CSP) produced energy are higher in comparison to overall wind energy costs. The costs of wind versus nuclear, coal and natural gas are comparable, incidentally.
There is an increase in the cost of renewable energy when you consider the costs associated with connecting it to the infrastructure that currently exists. Variability in things such as weather, the load demand, and material costs affect the costs and benefits between solar and wind energy. In the time between 2004 and 2008 the two industries have experienced a massive increase in productivity. Solar photovoltaic energy production went up more than six hundred percent. Wind powered energy production increased by two-hundred percent in that time. Solar heating and bio-diesel production saw significant increases during that time also. Wind power became established globally between 1996 and 2008. By this year, world wide wind farm capacity reached almost 158,000 megawatts. This shows an increase of thirty-one percent in the last year and accounts for one point three percent of the global electricity consumed.
The solar power industry experienced rapid growth recently as well. By 2009, it is estimated that another one point two gig watts of power will be added to the world supply through solar energy. There are currently, massive projects underway in Spain and the U.S. The World Bank is also sponsoring projects for thermal