Solar Power is Now the Cheapest Energy Source in the World, New Study Finds

The International Energy Agency (IEA) is responsible for ascertaining the efficiency of various energy sources as well as the costs at which this energy is provided to the people that need it the most. A new report that the agency has just published has revealed that, thanks to advancements in technology and a wide range of recent innovations, solar power has ended up becoming the cheapest source of electricity in several parts of the world many of which previously didn’t have access to any form of electricity let alone an affordable source.

This is pretty impressive when you consider that solar power has actually been quite expensive historically, but recent concerns about the climate crisis as well as global warming have lead to a lot of countries subsidizing this technology. The power of the sun is free of charge, of course, but the technology required in order to harness it is actually quite complex and costs a lot of money to make. In spite of the fact that this is the case, countries have decided to invest in making it more affordable and this has led to decreases of 20% all the way to 50% for solar power in a wide range of countries that are out there.

When transnational organizations such as the EU start to pledge to get one third of their power from solar energy by 2030, advancements are bound to be made. Pretty soon solar power is going to end up becoming the sort of thing that would allow people to gain access to electricity at quite a low cost if you think about it. Solar power has become cheaper to initiate than coal or gas as well, with the former costing about $35 per megawatt hour whereas the latter requires a minimum of $55 per megawatt hour to be spent.

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