Report reveals remarkable source of lowest-cost energy across the world: 'The economic benefits ... are now compelling'
The cost it takes to power your home, appliances, or business with energy from the sun has literally never been lower.
The International Renewable Energy Agency released data that was collected between 2010 and 2023 on what it cost each year to buy electricity from various clean energy sources.
The agency found that the cost of solar power from photovoltaic cells led the way, plummeting 90% from $0.460 per kilowatt-hour to $0.044 per kilowatt-hour. Battery storage costs also dropped way off, from $2,511 per kilowatt-hour to $273 per kilowatt-hour, according to PV Magazine.
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As those costs fell, the amount of energy available grew exponentially, with both solar cell and battery storage capacities reaching new highs in 2023, reported the outlet.
These noticeable improvements can be attributed to technological advancements, along with lower equipment and operations costs. PV Magazine explained how, together, they have made harnessing electricity from the sunshine far more efficient and easier to do — and now, half as expensive as energy sources like oil, coal, or gas.
"The most dramatic decline has been seen for solar PV generation," said IRENA. "The [cost] of solar PV was 56% less than the … alternatives in 2023."
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The agency compared other clean energy options, including geothermal, hydropower, onshore and offshore wind, bioenergy, and concentrated solar power — another type of solar energy generated by collecting a large amount of sunlight with mirrors and lenses.
In the end, it found that solar PV had progressed the most of any clean energy since 2016 and was more affordable than ever, not to mention the fact that it can help any electricity user decrease their reliance on toxic, planet-warming energy sources.
"After decades of falling costs and improving performance … the economic benefits of renewable power generation – in addition to its social, developmental and environmental benefits – are now compelling," affirmed IRENA.
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Report reveals remarkable source of lowest-cost energy across the world: 'The economic benefits ... are now compelling' first appeared on The Cool Down.
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