By 2025, renewable energy is expected to become the primary source of producing electricity… overtaking coal. Solar output will lead the takeover in renewable power supply.
The Executive Director of the International Energy Agency (IEA), Faith Birol, recently said…
“I see solar becoming the new king of the world’s electricity markets. Based on today’s policy setting, it is on track to see new records for deployment every year after 2022.”
So what is the reason behind this?
With the advancements of technology and support incentives… the cost of financing major solar PV projects has helped bring down the overall cost. So much that, solar photovoltaic cells is now one of the cheapest sources of electricity. In most countries… solar PV is now cheaper than gas-fired coal power plants.
The chart below shows how the cost of solar has decreased over the years…
The chart can seem a little confusing… but the big takeaway is that the line is going down… which means the installed cost of solar is dropping each year.
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