Economic and Financial Viability
The cost of electricity from wind power is very cheap compared to electricity generated from conventional sources. Its actual per kw-hour cost depends on how good the site is (good wind resources present) and high cost of the initial investment. The U.S. federal government provides up to 70% rebates (refund) on the cost of wind power installations and recovery of the investment is from 5 to 7 years. The equipment lasts for about 30 years, so electricity produced after the first 5-7 years will be already free onwards. Globally, wind power is the fastest-growing alternative energy source. Total electricity from wind power multiplied 5x during the short period between 2000 and 2007 at about 94 gigawatts. Other than Denmark, very few countries generate more than 5% of their electricity from wind power. Both Spain and Portugal have 10% each while Germany and Ireland have close to 6% each. Denmark actually exports most of its electricity generated wind power to neighboring Norway due to grid connection problems.
Energy control center
A new and exciting invention has recently been patented that can produce electricity from wind very cheaply, perhaps 10 to 25 times cheaper than current technology. It was classic “out-of-the-box” thinking which solved a particular engineering problem with wind technology – it has entirely done away with blade rotation. Instead, it produces electricity using magnets and the concept of mechanical resonance more specifically aeroelastic flutter (aerodynamics). The new device is very simple to operate and even simpler to maintain and repair. This is very ideal for Third world nations that do not have enough financial resources to generate electricity. The device is branded as “Windbelt” and can produce electric current even in light breezes that is not possible with conventional wind generators that use turbines. It has won for its inventor Mr. Shawn Frayne the Popular Mechanics magazine’s “2007 Breakthrough Award”. The whole idea is very simple – a magnet on a vibrating membrane oscillates between two copper coils. This invention is ideal for home use where turbulent wind is usually found between rooms. The site below of Popular Mechanics gives a brief overview of other ideas shaking the world:
http://www.popularmechanics.com/breakthrough07