Moving to renewable energy source is not just beneficial for the environment, but also financially. Image source: Shutterstock (#411124099)
A recent report by the US-based Institute for Energy Economics and Financial Analysis (IEEFA) and the Manila-based Institute for Climate and Sustainable Cities (ICSC) shows that replacing old diesel generators with renewable sources in the Philippines will help the country save $200 million every year. The switch would require roughly $1 billion in private investment, but going cheaper, more efficient, more secure and cleaner at the same time would easily outweigh the initial cost in a few years.
Over 70 percent of households have less than eight hours of electricity per day, and many are plagued by frequent blackouts. Going renewable would make the energy supply more reliable.
Eco-Business
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