Friday, July 12, 2024

Solar power is now the cheapest electricity In history

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The International Energy Agency’s (IEA) history is deeply rooted in fossil fuels. However, its latest report – the 464-page World Energy Outlook 2020 – indicates that solar power is now the “cheapest electricity in history.”

While the past decade saw the growth in solar power (and wind power) worldwide, this coming decade will be its shining years. The tipping point currently in effect (involving electricity from solar farms becoming cheaper than fossil fuel power plants) ensures that.

The World Economic Forum reported: The IEA’s main scenario has 43% more solar output by 2040 than it expected in 2018, partly due to detailed new analysis showing that solar power is 20–50% cheaper than thought.

The IEA writes: Renewables grow rapidly in all our scenarios, with solar at the center of this new constellation of electricity generation technologies. Hydropower remains the largest renewable source of electricity. Still, solar is the main driver of growth as it sets new records for deployment each year after 2022, followed by onshore and offshore wind. Read more…

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