The Cost of Alternative Power Sources in the Late Eighteenth Century: A Comparative Perspective

The appearance of steam power during the eighteenth century ushered the great transition from traditional sources of power to ones relying on fossil fuels. There were many factors conditioning this transition but relative cost was one of the most critical ones. When the Newcomen model appeared it quickly became clear that it was a cheaper alternative to horses though unable to match the very low operating cost of water- and wind-power. But by the last quarter of the century the efficiency of Newcomen engines, and thereby their annual operating cost, had improved while the introduction of Watt engines ushered an even more radical reduction of cost. The critical questions are whether the cost reduction of steam was drastic enough to challenge the use of water resources and whether the cost of the latter remained unchanged compared to previous decades. This chapter will address these issues by engaging in an analysis regarding the traditional sources of power followed by a comparative perspective incorporating the cost of steam.