In October 2020, the International Energy Agency (IEA) published its “World Energy Outlook
2020.” The IEA reviews current global energy demands for fuels as well as energy outlooks. Easy access to financing and favorable policies that encourage strengthening renewable power sources are vital components to the changes in energy demands.
The cost of going solar has declined significantly in recent years. Solar products are more efficient than ever, and the cost is now 20-50% cheaper. Considering the decline in prices and the changes in energy demands, the IEA found that solar is now the cheapest form of electricity for utility companies to build. Solar energy is more cost-efficient than other energy fuel sources; coal, oil, gas, nuclear, and traditional biomass uses. Renewable energy sources account for the majority of growth, while fossil fuels are increasingly declining.
Solar energy and policies have a long history of being strongly intertwined. The stronger the global climate change policies are, the more significant the decline in fossil fuels are in those locations. The IEA’s recent publication is a sober reminder to vote for policies and politicians with proven histories of driving climate change. Countries that uphold policies that lower the cost of building new installations and make buying solar equipment more affordable encourages people and companies to switch to solar to produce their energy.
Solar has a sunny forecast within ending climate change. Long-term energy and global climate aims will be met, particularly when policies and measures are specified in their paths to and targets within this change. The IEA says achieving net-zero emissions will require “unprecedented” efforts from every part of the global economy, not just the power sector. Private citizens can support these efforts and save money by going solar themselves. Contact us today to see how you can go solar and benefit from the cheapest form of energy.
Read the World Energy Outlook 2020 report here.