Solar energy becomes "the cheapest electricity ever" according to IEA

The latest World Energy Outlook 2020 report prepared by the International Energy Agency (IEA) showed encouraging projections about the future of solar energy, which could become the new queen of electricity supply ”.

For the next decades, they estimated an increase in the use of this type of energy, which shows that it is 20 - 50 percent cheaper than previously believed due to the support of the countries it is receiving.

It will be cheaper to build solar energy farms than new plants with gas or coal since a decade ago the price of a megawatt per hour was about 300 dollars and today it is between 55 and 155 dollars. While coal has a price of 55 to 155 dollars.

"Solar energy is the cheapest energy source in history right now," the agency says. According to the IEA the main scenario by 2040 will be 43% more solar production than expected in 2018.

The 463-page report is focused on analyzing the future of energy, the renewable transition and the possible impact of climate change, it points out that the crisis caused by the coronavirus pandemic will cause a reduction in global energy demand in 2020, mainly from fossil fuels.

The study also projects that due to policies to reduce the risk of investments in renewable energy, in some regions supported by policies and with favorable financing options, electricity can be generated from solar energy at US $ 20 or less per megawatt hour. 

"For projects with low-cost financing that take advantage of high-quality resources, photovoltaic energy is now the cheapest source of electricity in history," says the IEA.

New solar projects for utilities could be around $ 30-60 in Europe and the United States, and just $ 20-40 in China and India.

That is why at Solar Wifi Eco Bin we have created a smart bin powered by solar energy to contribute to the care of the planet and at the same time, provide a sustainable idea.