One of the main arguments against solar energy has been the cost of producing the power plants, but the International Energy Agency (IEA) has blown a wide hole into that argument.
In a recent research report, the IEA has found that financial policies that reduce many of the risk factors significantly affect the overall costs of building solar energy plants.
What this means is that renewable energy providers with access to the cheapest financing have seen energy production costs that are 20% to 50% cheaper than that of the majority of traditional power plants.
Popular Mechanics summarized why this research could have a significant impact on future renewable investments.
IEA’s recommendations include similar projections and calculations for all renewables as well as nuclear. Solar is well positioned to blow up in the next 10 years, the IEA says, because right now it’s in the sweet spot of low cost and increasing availability. All the pathways listed include a mix of renewables, nuclear, and shrinking coal and gas power. And while the news is very good for solar, it’s still pretty good for all the other renewables as well as nuclear, the IEA says.
One common factor that has driven down the costs for the renewable energy industry are successes like Elon Musk’s solar battery farm in Australia.
As large scale investors see that there are more profits available, more dollars become available.
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