Solar Power Is The Cheapest Electricity In History
Posted: 22 Oct 2020
Tagged: Cheap Electricity Prices | Renewable Energy | Solar Energy | Solar Energy Cost | Solar Panels |
- 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.
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.
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