Recent leaps in the number of fracking wells have resulted in a sharp drop in natural gas prices, resulting in lower utility bills in parts of the U.S where fracking is prevalent. The drop has caused some solar homeowners to see an increase in payback time before recouping their initial investment in the system. However, this short-term outlook forgets the inherent volatility of natural gas prices, which have risen quickly in the past.
At SunRun, we understand that part of the draw of solar is the promise of a locked-in rate for electricity. Since solar power rates are fixed, homeowners with solar panels are less subject to steep price fluctuations coming from the utility companies.
In addition to the persistent risk of price volatility, fracking utilizes a dangerous practice that, while cheap for now, may lead to heaping environmental costs in the future. Fracking is the process of injecting millions of gallons of sand and chemicals into the earth at extremely high pressures to break up rock formations and release the natural gas inside. At the start of the New Year, small earthquakes in Ohio and Arkansas were confirmed to be a product of fracking in the area, and in New York, critics have condemned the drilling method for contaminating fresh water aquifers and poisoning drinking water.
Calls made to lift New York’s ban on fracking in favor of economic development have sparked waves of opposition from health, environmental and activist groups. The groups state that the natural gas industry has not properly assessed health risks even as more evidence of fracking’s detrimental effects is uncovered.
What do you think are the pros and cons of fracking? Do you think it means the comeback of fossil fuels in the U.S., or is it just a short-term solution? Join the conversation by sharing your comments below or on Facebook.
