It’s Official: Community Solar Is The Cheapest Electricity In History
The International Energy Agency (IEA) recently announced that solar has proven itself as the cheapest form of electricity. Whether community solar or other forms, a new study arrives each fall. Containing some of the most detailed and heavily scrutinized analysis of the global energy system, the World Energy Outlook is heavily relied upon for accurate forecasting.
With the pandemic affecting economies globally, 2020’s report took into consideration many new factors when compiling data. Researchers consider current events, government pledges and policies, as well as numerous scenarios, to plot a more sustainable pathway. The outlook then provides requirements for change to develop sustainability.
With several energy sources considered, the IEA creates a visual diagram of how each can change the pathways over the next decade. The below chart details what would need to happen for CO2 emissions to fall nearly 50% below the prior decade’s forecast.
Left: Global primary energy demand by fuel in 2019, million tonnes of oil equivalent (Mtoe). Right: Changes in demand by 2030 under the four pathways in the outlook. Source: IEA World Energy Outlook 2020.
As you already know, traditional energy sourcing comes from fossil fuels like natural gas and coal. These non-renewable elements emit high levels of harmful gases, taking us away from the desired pathway. However, when you consider solutions such as community solar, you’re now introducing affordable and sustainable energy.
Solar energy is a renewable source generated from the sun. As solar gardens collect energy, it’s then fed back into existing infrastructures to provide affordable energy solutions within a community. Beyond being a clean energy source, solar energy requires little to no water for functionality. For more information on the positive effects that community solar contributes to the environment, be sure to check out our previous article.
Renewable energy accounts for the majority of projected demand growth, according to the IEA. With an increase in demand, attaining affordable community solar is becoming more realistic than ever before. At Renewables Worldwide, our team is proud to continue our efforts in supplying this demand. With our newest project in Maine, we continue to push forward providing renewable, affordable community solar to regions across the Northeast.
For more information on community solar, contact Renewables Worldwide today at (855) 811-9060.