Solar PV is now consistently cheaper than new coal- or gas-fired power plants in most countries, and solar projects now offer some of the lowest-cost electricity ever seen.
This is according to the World Energy Outlook 2020 by the International Energy Agency, IEA.
According to the Paris-based agency, renewables seem to have been less fluttered by the ongoing pandemic, when compared with other fuels, as it was the only energy source that enjoyed a slight increase in the global energy sector.
In fact, the IEA says renewables will make up 80 per cent of the market for new power generation by 2030.
Hydropower is currently the most widely used green energy source in the world, but solar will surpass it because the cost of PV panels and installation is rapidly dropping.
However,it said there needs to be serious investment in electricity grids in order to support green energy as it grow.
“I see solar becoming the new king of the world’s electricity markets.
Based on today’s policy settings, it is on track to set new records for deployment every year after 2022.
If governments and investors step up their clean energy efforts in line with our Sustainable Development Scenario, the growth of both solar and wind would be even more spectacular — and hugely encouraging for overcoming the world’s climate challenge, ” Fatih Birol, IEA executive director says.