Solar energy costs fall sharply - Fossil fuels are rapidly becoming the most expensive option
Renewable energy is in the spotlight more than ever as the Iran war pushes Europe toward an oil and gas crisis. While Italy is pushing back the permanent closure of its coal-fired power plants, Spain's electricity prices are proving relatively stable thanks to a doubling of its wind and solar power capacity since 2019.
A recent analysis by SolarPower Europe found that harnessing sunlight for energy has saved Europe more than €100 million per day since March 1, resulting in total savings of more than €3 billion.
However, electrotechnology - such as solar power, battery storage and electricity end-use technologies - has long been an unviable option for low-income countries due to higher initial costs.
Solar energy now requires less start-up capital than fossil fuels, whereas a decade ago it required up to five times more.
Solar battery systems have already surpassed grid expansion for communities more than a few dozen kilometers from existing lines. End-use electric technologies, from heat pumps to electric scooters, have fallen in price by 30-95 percent over the past decade.
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