RENEWABLE ENERGY PROJECTED TO COST LESS THAN FOSSIL FUEL

Market researchers and think tanks are predicting renewable energy sources to cost less than fossil fuels in the coming years, a development that should compel the government to invest in them as early as possible, said Senator Edgardo J. Angara.

Angara said that the multinational technology conglomerate General Electric Co. (GE) has issued a statement saying that solar power will be cheaper to produce than fossil fuels and nuclear reactors because of innovations in the field.

Bloomberg New Energy Finance also predicted that the value of solar installations worldwide may jump 50 percent this year to $150 billion.

Angara, Chair of the Congressional Commission on Science and Technology and Engineering (COMSTE), welcomed news that the Department of Energy (DOE) has completed a national roadmap for RE, saying that the building a strong RE foundation would ultimately secure a sustainable energy supply for the country and end fossil fuel dependency.

Angara, author of the Renewable Energy Act of 2008 which encourages local entrepreneurs to harness the country's vast renewable energy resources, said other countries are already aggressively investing in RE.

"We must not let the Philippines fall behind in the development of the energy sources of the future," he added.

Angara said that COMSTE is backing the extensive use of electric, hybrid and other alternatives for private and public transportation, instead of relying only on gas and diesel Internal Combustion (IC) engines.

COMSTE, which works with local and foreign RE developers, has been promoting the development of a local industry to address not only our energy concerns but also spur job creation in the fledgling industry.

Angara said that COMSTE formed the Renewable Energy Research and Development Institute (RERDI) to serve as a clearing house for RE developers and researchers and help in fostering the growth of the industry.

Local solar producer First Philec Corporation launched the Philippines' first solar testing facility, which marked the beginnings of RERDI. The testing facility will provide local and foreign solar manufacturers with a venue to test their panels in real world conditions.

The facility has already drawn attention from Taiwanese and Japanese companies interested in testing their panels in tropical conditions.