Solar energy, the lowest cost source - Reason, falling battery prices and technological advances
Solar energy has been hailed as a "key driver" in the global transition to clean and renewable sources, thanks to its extremely low cost.
A new study from the University of Surrey has declared solar energy the cheapest source of energy, beating out other renewable alternatives such as wind, but also coal and gas. The researchers found that, in countries with more sun, producing a unit of energy from this source costs just €0.023.
Even in the United Kingdom, which is located 50 degrees north of the equator and is known for its gloomy weather, solar energy proved to be the cheapest for "large-scale production".
Thanks to an 89% drop in the price of lithium-ion batteries since 2010, systems that combine solar power with energy storage batteries are now as affordable as gas-fired power plants.
"These hybrid systems, which combine solar panels with batteries, are now standard in many regions and allow energy to be stored and used when needed, turning solar energy into a more reliable and sustainable source for the electricity grid," the study says.
However, a co-author of the study notes that connecting the growing amount of solar power to the electricity grid remains one of the industry’s “biggest challenges.” “Smart grids, AI-powered forecasting, and stronger connections between regions will be essential to maintaining the stability of energy systems as the use of renewable energy expands,” he added.
Advances in materials such as perovskite solar cells could increase energy production by up to 50% without increasing the land area used. This technology requires much less energy to produce than traditional silicon cells.
The latest data from Eurostat showed that renewable energy sources reached
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