The International Energy Agency is calling solar the cheapest form of electricity in history, and it is now consistently cheaper than burning coal or natural gas in most countries. Solar's status as the dominant leader in the power markets is a global phenomenon. Research shows that United States solar installations increased 3,000% in one decade, and utility-scale battery storage increased 20-fold since 2010.
Arizona, California, Nevada, North Carolina, and Texas added the most solar energy between 2010 and 2019. Aside from the U.S., solar energy is seeing significant growth all over the world. From 2000-2019, global solar energy generation increased by 664 gigawatt-hours.
A sevenfold increase in the growth of solar energy is expected for the next two decades. Hydropower is currently still the largest source of renewable power, but Photovoltaic could grow three times faster from now till 2040. Governments around the world included environmental commitments in their coronavirus recovery plans as they faced pressure to use the pandemic as an opportunity to tackle the climate crisis by moving away from fossil fuels.
Solar photovoltaic cells are now one of the cheapest sources of electricity thanks to maturing technologies and policies that have reduced the cost of investments. This means that solar will be cheaper than both new coal and gas power plants from now onward. According to the International Renewable Energy Agency, electricity costs from large-scale solar photovoltaic installations have fallen from roughly 38 cents per-kilowatt/hour in 2010 to a global average of 6.8 cents per-kilowatt/hour.
It’s no wonder energy experts have named solar as the new king of renewable energy. This news means that right now is a great time to take advantage of the affordable financing and promising future that solar has to offer. Going solar is an easy process when you choose Sunshine City Solar. Take the first step by scheduling a consultation with one of our energy experts clicking on this link: Get a free estimate here!