Solar is the cheapest and most affordable form of Renewable Energy

The World Economic Forum officially reported that as of 2020, solar is the most affordable renewable form of energy in the world. In passing this is great news — solar is a reliable energy source that can provide electricity to those in need with little-to-no impact on the environment. From communities in need to homeowners like you looking to save, everyone can benefit from this positive trend. While there are many factors that helped bring solar to the forefront, the most digestible two are below:

Low Risk, Low Cost

Be it private investment, advances in technology, political movement or pressure from the UN (or all of the above), the actual price of solar has gone down to globally competitive rates. According to the report, this is a mammoth price cut from solar’s previously unwieldy costs five years ago.

Solar has a lower levelized cost of electricity for utility scale solar than all of its competitors. Because of this, solar is also a very attractive investment opportunity, as lower costs offer lower financial risks and lower barrier of entry.

Grid Parity

In addition to the lowering of costs, the increase in efficiency for solar technology has increased with each new innovation. The report claims that this is a large part of what brought about “grid parity” — the balancing of power systems wherein the combined market share of solar and renewable energies rival that of native non-renewable sources, like coal and natural gas.

Over the past decade the cost of coal “has hovered around $100/MWh” whereas “solar has seen its cost plummet from around $600 a decade ago to $300 only five years later, and now close to or below $100 for utility-scale photovoltaic.” Paired with wind, which sees an levelized cost of “around $50,” the World Economic Forum estimated that over 30 countries have already reached grid parity, without subsidies.

Pending any major changes in the market, these windfalls mean an incredibly positive outlook for the renewable energy market for several years to come!

What This All Means for You

While this may all seem like insider information, and some of it definitely is, this all directly correlated to you as a homeowner. With Solar Titan USA, you can benefit directly from the great gains that solar energy can produce. And with this great news about the state of solar in general, we couldn’t be happier to welcome you to our solar community.?