[thelastgallon]

Yes, you are right. The money saved is not just $50B.

1) Add the money saved from fossil fuel subsidies, that don't need to be spent

2) Add ethanol/biodiesel subsidies

3) Add defense spending to protect oil pipelines and fossil fuel assets

4) Add healthcare spending, fossil fuels are linked to nearly every kind of disease (except STIs, mad cow, polio, etc)

5) Add deaths/injuries from fossil fuels and the associated hospitalization costs, lost productive human years. Fossil fuels have the highest deaths/TWH.

6) Add the money saved from demand destruction (Less demand --> cheaper oil)

6a) Immediately, decreasing the price of fuel.

6b) Slows down fossil fuel multibillionaires becoming richer. Oil is profitable at $10/barrel, but with global demand skyrocketing, Oil is extracted from costlier sources (fracking/sands) which need a minimum price. However, the cheapest extraction (Saudi) will profit immensely and with that money buy everything else in the world, extracting wealth via rentier capitalism or stock market, making housing, healthcare, everything else costlier for all of us.

7) Creating the initial demand for solar panels, enabling scale production, making solar panels dirt cheap now and forever.

There are probably more.

[ZeroGravitas]

For point 6 a UCL study on Wind energy in the UK suggested that over the 13 year period they studied the new wind power had saved 14 billion in electricity costs, because it was cheaper than gas generation.

But it saved consumers 140 Billion by lowering demand for gas and so cutting prices.

So a 10x multiplier.