Champion Energy is able to provide green power through the purchase of an environmental trading commodity known as a renewable energy credit (REC). RECs are created when a qualified renewable energy generation facility (like a wind farm or solar array) produces electricity. They represent the added value in terms of renewable energy’s environmental benefits and costs when compared to conventional means of producing power. We buy RECs from wind farms contributing electricity to your local grid, then ‘retire’ those RECs in direct proportion to the amount of energy you consume. In this way, you can be confident that every kWh you use is helping to promote and support the continued development of green energy infrastructure in your area.
Grid parity, the point at which the cost of photovoltaic electricity is equal to or cheaper than the price of grid power, is more easily achieved in areas with abundant sun and high costs for electricity such as in California and Japan.[80] In 2008, The levelized cost of electricity for solar PV was $0.25/kWh or less in most of the OECD countries. By late 2011, the fully loaded cost was predicted to fall below $0.15/kWh for most of the OECD and to reach $0.10/kWh in sunnier regions. These cost levels are driving three emerging trends: vertical integration of the supply chain, origination of power purchase agreements (PPAs) by solar power companies, and unexpected risk for traditional power generation companies, grid operators and wind turbine manufacturers.[81][dead link]
Globally, the long-term technical potential of wind energy is believed to be five times total current global energy production, or 40 times current electricity demand, assuming all practical barriers needed were overcome. This would require wind turbines to be installed over large areas, particularly in areas of higher wind resources, such as offshore. As offshore wind speeds average ~90% greater than that of land, so offshore resources can contribute substantially more energy than land stationed turbines.[44] In 2014 global wind generation was 706 terawatt-hours or 3% of the worlds total electricity.[45]
As the cost of solar electricity has fallen, the number of grid-connected solar PV systems has grown into the millions and utility-scale solar power stations with hundreds of megawatts are being built. Solar PV is rapidly becoming an inexpensive, low-carbon technology to harness renewable energy from the Sun. The current largest photovoltaic power station in the world is the 850 MW Longyangxia Dam Solar Park, in Qinghai, China.