As the world grapples with trying to find ways to power the world, while reducing our carbon footprint, solar power has risen to the top, becoming the cheapest electricity in history.
According to a new report from the International Energy Agency (IEA), solar has become the cheapest source of electricity for utility companies to build, which is pretty good news for the environment.
The findings, it’s hoped, will lead to a huge surge in renewable energy usage over the next 10 years.
New financial policies which are being implemented all over the world are to thank for the reduction in prices when it comes to implementing solar power, with the IEA hoping for ‘43% more solar output by 2040 than it expected in 2018,’ according to Carbon Brief, ‘partly due to detailed new analysis showing that solar power is 20 to 50% cheaper than thought.’
The next decade is critical in terms of converting to renewable energy, if we want to take control of the climate crisis by reducing fossil fuels and emissions, according to scientists.
The IEA predicts that renewable energies will surpass coal in terms of producing more energy by as soon as 2025.
In the report, the organisation explained:
Solar photovoltaic (PV) is now consistently cheaper than new coal or gas-fired power plants in most countries, and solar projects now offer some of the lowest cost electricity ever seen.
Recent successful projects have breathed fresh confidence into renewable energies, such as Elon Musk’s South Australia solar battery farm, encouraging more people to invest in such projects.
And, it’s not just solar energy we can expect soaring in popularity in coming years. The IEA has set out four different pathways which are designed to use a mixture of renewable and nuclear energy to shrink coal and gas power.
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