Solar Energy: World’s Cheapest Power Source

     Solar Energy: World’s  

 Cheapest Power Source

M.A. Dworkin

     The Sun - A new study has found, Solar energy is now so cheap to run it costs as little as $0.027, in the sunniest countries, to produce one unit of power. It has been branded the “key driver” in the world’s transition to clean, renewable power due to its low cost. 

     The University of Surrey, UK, study named solar cheaper than wind, coal and gas as an option for large-scale energy generation. Due to the price of lithium-ion batteries falling by 89 per cent since 2010, the study also found that making solar-plus-solar-storage systems is now equally as cost-effective as gas power plants.

     “These hybrid setups, which combine solar panels with batteries, are now standard in many regions and allow solar energy to be stored and released when needed, turning it into a more reliable, dispatchable source of power that helps balance grid demand,” the study explains.

     Despite solar's cost-effectiveness, Dr. Ehsan Rezaee, co-author of the study, says connecting growing levels of solar power to electricity networks remains one of the biggest challenges facing the industry. 

     “Smart grids, artificial intelligence forecasting, and stronger links between regions will be vital to keep power systems stable as renewable energy use rises,” Dr Rezaee added. 

     Innovations in materials such as perovskite solar cells could boost energy output by up to 50 per cent without increasing land use. This technology requires significantly less energy compared to silicon cells, meaning more power can be generated from a smaller area. They can also be applied to a wider range of surfaces, such as on buildings and vehicles due to being thinner and more flexible than their silicon counterparts, reducing the need to build huge solar farms. 

     “This progress depends on consistent, long-term policy support,” said co-author Professor Ravi Silva. 

     Solar presents a key opportunity to drastically reduce the reliance on oil and gas. 

     “A solar farm can be developed in a year,” said one leading solar developer. “Compared to at least five years for wind and at least ten for nuclear.” 

     Solar’s boom is attributable to the fact that it is cheap, easy to install, and quick to scale. 

     Solar energy has historically been slow to develop as an energy source due to high initial costs, intermittency of power generation, energy storage limitations, and a lack of adequate infrastructure and supportive policies. However, this trend has shifted significantly in recent years, with solar now the fastest-growing energy source globally due to dramatic cost reductions and technological advancements.