Solar power is surging. A new report by WTS Energy reveals that power generated using solar panels, solar voltaic cells and other forms is now the cheapest form of energy on the planet. It costs less than coal, petroleum-based energy, natural gas, nuclear, wind turbines, geothermal sources and others.
Furthermore, as of 2021, solar energy accounts for almost half of all new capacity installed globally. Does that mean that the “age of fossil fuels” has finally met its match and will soon be phased out? Well, the answer is somewhat complex.
However, there can be no doubt that millions of people, government entities, private business models and energy companies are prioritizing solar power in a big way and this strong trend will continue.
This is also excellent news for the average citizen and homeowner in America. By switching to solar, a utility ratepayer can save as much as 30% on their annual energy bill with only a partial displacement of their power sources with solar panels. Going “totally solar” will result in even more dramatic savings on energy bills, both immediately and over the long term.
Why Solar is Surging
It will come as a surprise to no one that we live on a planet that is facing urgent challenges in the form of climate change, increasing scarcity of new fossil fuel deposits and the wide-ranging ecological problems caused by an overreliance on energy sources that are spew hydrocarbons into the earth’s atmosphere.
The two dirtiest forms of energy are coal and tar sands oils. Natural gas is the cleanest form of fossil fuel. Nuclear energy does not produce hydrocarbon emissions at all, but many other problems are associated with nuclear energy, not the least of which is the storage of nuclear waste.
More nations are also turning to solar because of geopolitical happenings. The most recent example is the Russian-Ukraine conflict which produced an unprecedented upheaval for European nations in terms of what energy sources they can rely upon the most.
The multibillion-dollar Nord Stream pipeline which was to supply Russian natural gas to Europe was suddenly obliterated, leaving nations like Germany, France, Belgium, Poland and others scrambling to replace a major source of power these nations expected to drive their economies for years to come.
The geopolitics of oil has also been creating political, economic and geographic tensions as the oil-rich nations of the Middle East engage in ongoing internecine conflict. They also seek to manipulate the markets of oil to their own advantage and disadvantage of nations like the United States.
Solar Energy is an Important Solution
The good news is that solar and other renewable power generation is forecast to grow by 2,400 gigawatts from now through 2027. That is the equivalent of the entire output of China’s current energy output. That’s according to a recent report by the International Energy Agency (IEA).
This is a 30% increase over what was predicted just a year ago. It highlights the new sense of urgency that world governments have adopted in terms of solving the intractable problems associated with a fossil fuel economy.
Renewables, with solar leading the way, will account for more than 90% of global power generation expansion through the next five years. Clean-green energy is expected to overtake dirty coal by the year 2025.
The international community will add as much solar power in the next five years as it did in all of the previous 20 years, said Fatih Birol, Executive Director of the IEA.
For the average family and individual homeowners, choosing to install solar energy is an excellent strategy, will lower bills and will offer greater financial stability for the future.