October 15, 2020 Read More →

Solar power now considerably cheaper than coal, gas


Arguments about fossil fuels versus renewables often come down to price: supporters of coal say it’s the cheapest form of electricity. Year after year, the authoritative International Energy Agency (IEA) has confirmed this view.

That’s now changed. Each year, the agency publishes an energy outlook that’s used by governments around the world to set policy. This year, the agency has announced for the first time that, in most nations, electricity produced by solar photovoltaics (i.e. solar panels) is cheaper than the kind from plants fired by coal or natural gas.

That’s good news for renewable energy, and bad for the future of coal.

Tim Buckley, from the Institute for Energy Economics and Financial Analysis, said solar this cheap would be a “gamechanger”.

“Within half the lifespan of a new coal-fired power plant, solar will be essentially free in one of the largest electricity markets in the world,” he said.

“It’s all about the economics, it’s all about the capital flows, and global capital is flowing into renewables and running for the door on fossil fuels.” 

[James Purtill]

More: Solar is now the ‘cheapest electricity in history,’ report says

Posted in: IEEFA In the News

Comments are closed.