The clean energy future many of us have been waiting for is here. Let’s take advantage of it.

We’ve known for decades that we should reduce the burning of fossil fuels and other materials to generate energy because of their harmful by-products on climate, health and the global environment. We’ve also known that solar, wind and other proven clean and renewable sources are better energy options.

Change is the great arbiter and in the case of clean energy, it came in the form of new technology, federal policy and market forces to bring down costs for clean and renewable energy. Just within the past few years, solar, wind and battery storage have undergone substantial reductions in deployment and operating costs to the extent that they are the most competitive, least expensive and equitable forms of energy now powering utility grids.

Until very recently, pandemic-related supply chain issues inflated material costs, yet the overall cost of photovoltaic (PV) solar and battery storage continues to drop as markets adjusted to a combination of technology and supply improvements.

New energy projects pairing solar and battery storage across the nation are replacing entrenched fossil fuel energy sources as utility- scale energy suppliers. A growing number of examples here in Hawaii, across all four counties, represent this sea change.

These newly deployed clean energy replacements are reliable, resilient, faster and lower cost to deploy and operate, representing the best of (zero emissions) renewable energy options. They are disruptive to the business-as-usual utility model of powering homes and businesses in driving down electricity costs for utilities, and by extension ratepayers.

From Australia to Europe to the United States, battery storage as an on-demand and firm energy electricity source is increasingly replacing the traditional role of polluting, expensive and unsustainable combustion energy power plants. The often locally cited “four-hour battery limitation” is a myth, devoid of facts. Grid-scale battery limitations in terms of time and power output are a matter of scale, not technology limits.

The recently enacted Inflation Reduction Act (IRA) is projected to drive nearly $3.5 trillion in the federal government investment of new energy supply and infrastructure onto the grid, the majority of which will be intermittent renewable resources backed by long-term energy storage.

The ICF Climate Center estimates IRA incentives could drive down the cost of solar energy by as much as 35% and wind by as much as 49% by 2030. The potential beneficiaries of the IRA financial incentives include Hawaii’s residential and commercial ratepayers through lowering energy costs.

Often missing in the discussion of Hawaii’s transition to a clean energy economy are the direct and quantifiable benefits this transition is contributing to the state’s economy. Certainly, lowering the cost of energy production should translate into lower utility fees for consumers, but that is just one example of the direct economic benefits to the state.

Clean energy projects by themselves are significant contributors to the state’s economy and climate goals, as exemplified by the recent AES Solar + Storage project on Hawaii island. This one project will not only deliver unprecedented low-cost clean energy to HELCO at $0.09 per kilowatt hour, but according to AES, has produced 200 jobs and generated a total economic benefit for Hawaii’s local economy estimated upwards to $47 million. This same solar project is also projected to replace more than a half-million barrels of imported oil annually, while meeting over 7% of Hawaii island’s electricity needs.

We all benefit from lower electricity rates and zero emissions energy. It is a win-win solution for residents and the economy. A clean, renewable energy future is here. It’s time to fully embrace it.

Bill Bugbee chairs the Clean Power Task Force; Melodie Aduja and Mark Koppel are task force members.