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Solar Power Is The Cheapest Electricity In History

 

Top Pointssolar windmill

  • Solar power now costs an average of $28 per MWh to produce.
  • In comparison, coal is produced at around $60-143 per MWh and gas is produced at around $41-74 per MWh.
  • The World Energy Outlook predictions about solar might accelerate our ability to cap global warming at the 1.5 degree mark.

We all groan when we see the extortionist cost of our power bills, but that might not be for much longer thanks to solar energy. According to the International Energy Agency (IEA), electricity produced by solar power is now the cheapest electricity in history!

Why Solar? Because The World Energy Outlook Says So.

Announced in the World Energy Outlook (WEO) 2020, capping our global warming at a maximum of 1.5 degrees, rather than the previously predicted 2.0 degrees, might actually be made possible due to the low costs involved in producing solar power.

Large energy corporations that previously have been dragging their feet when it comes to solar have started to embrace the renewable source as the figures now reveal that solar is 50% cheaper than what was previously estimated two years ago.

How Much Does Solar Energy Cost To Produce?

With the new predictions in place from the WEO, solar power is estimated to cost ‘at or below’ just $28 per megawatt hour (MWh). It has also been known to appear for just $18/ MWh in auctions in Portugal and the Middle East.

When we compare this to coals production price of $60-143 per MWh and gas’s $41-74 per MWh it is obvious that solar power is the future.

When electricity is compared in areas such as energy, flexibility and capacity, solar power also wins in all areas against coal and gas resources.

What Does The Future For Solar Power Look Like?solar energy

According to researchers at Carbon Brief, solar power and solar farming has grown exponentially in the last decade.   

With a growth rate that is 22% higher than expected, solar power looks to take over as the world’s main source of energy by 2025.

These new outcomes prove that solar power and other renewable energy sources are not an economic threat.

Want Even Cheaper Electricity Prices?

If you’re ready to take reducing your power bills seriously, let’s get you connected with 3 complimentary solar quotes to get your renewable journey started.

Solar Market can match you with 3 CEC accredited local solar installers in your area so you can choose the right solar option for you. Happy installing!

Request 3 FREE Solar Quotes

 

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Download Your FREE Ultimate Guide to Solar Power in Australia - 2021 Edition

Beginners Guide to Solar Power

If you’re considering solar for your property or just looking to maximise the savings for your solar system, download a FREE copy of our "Ultimate Guide to Solar Power in Australia - 2021 Edition".

Become an expert and better understand the ins and outs of solar power and solar PV systems for your property.

Includes detailed explanations and diagrams of the various types of solar systems and their parts, solar battery storage systems, Government incentives, expected ROI periods, finance, energy-saving tips and more!

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Understanding Batteries

Off-Grid Systems

For some households a battery system can be of great benefit and minimise a home’s reliance on the grid. However, it’s important to understand for a battery to be useful your solar system needs to be generating excess energy for the battery to store, which you can then use at night or when the sun is not out.

When selecting a battery, you’ll want to invest in a system that is most suited to your home and can drive the best return on investment (ROI). Despite a larger upfront cost, a higher quality battery may significantly increase your ROI.

    Battery systems start from $6,000 and costs can vary greatly based on the following factors:

  1. Cycle Life-Time

    The number of times a battery can fully charge and discharge.

  2. Battery Power (kW)

    How fast it can be charged or discharged.

  3. Storage Capacity (kWh)

    The maximum amount of energy a battery system can store.

  4. Battery Management System (BMS)

    An electronic ‘smart’ system that gathers data and manages the battery ensuring it does not overload or operate outside of its safe functioning zone..

  5. Inverter

    Battery systems require their own inverter if your solar system does not have a hybrid inverter.

  6. 'All-In-One Unit’

    A system which includes the battery, BMS and an inverter all in one unit.

  7. Warranty

    Length of time or cycles the battery system is under guarantee.

  8. Blackout Protection/Backup

    It’s important to note this is not a common feature of a battery system and could cost thousands of dollars to include. Blackout protection not only requires additional components but also a specialised installation and rewiring. For grid-connected homes, the cost for blackout protection can outweigh the benefit.

Additionally, if your purpose for adding battery is to go Off-Grid and become completely independent from the grid you will need to ensure your solar system can generate enough energy to power your home and your battery system is large enough to store this energy. For homes in metro areas going Off-grid is not cost effective and is only recommended for those in remote areas with limited access to the grid. Off-grid solar systems with battery start at approximately $30,000.
 

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