More and more people are looking for clean energy solutions to save both money and the future environment. New research is showing that one type in particular is becoming a driving force in that mission.
A University of Surrey press release discussed how scientists discovered that solar energy now costs as little as £0.02 ($0.027) to produce one unit of power. This means that the electricity solar generates is cheaper than coal, gas, and even wind.
That low cost, the researchers argued in their paper published in Energy and Environment Materials, is now the main driver of the transition to clean, renewable power.
"Globally, the total amount of solar power installed passed 1.5 terawatts in 2024—twice as much as in 2020 and enough to power hundreds of millions of homes," Professor Ravi Silva, co-author of the study, said. "Simply put, this technology is no longer a moonshot prospect but a foundational part of the resilient, low-carbon energy future that we all want to bring to reality."
The team also found that the cost of lithium-ion batteries, which can store solar power, has dropped 89% since 2010. That price decrease makes a set of solar panels plus a battery storage system as cost-effective as a gas-powered plant, according to the researchers.
Installing solar panels for your home will bring your energy costs down to at or near $0. This makes solar an ideal money-saving home energy hack (or upgrade).
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Going solar also makes using other money-saving electric appliances, like heat pumps, cheaper to run. Mitsubishi can help you find the right affordable heat pump, which can bring more long-term financial and energy savings.
Researchers are continuing to refine the quality and capabilities of solar power, too. A new MIT study showed how several innovations have helped lower solar panels' prices, making them more attainable than ever. And scientists from Zhengzhou University have found a new polymer that can make them even more affordable.
While the news is definitely positive, the scientists from the Surrey study warned that there is still work to be done. Solar power must be connected to existing networks and grids effectively, and government policies must support this action.
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"Sustained commitment and international collaboration will be essential if we are to accelerate the world's transition to a clean and reliable energy system," Professor Silva said.
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