Solar energy is currently enjoying a well-deserved moment in the spotlight, as those who keep up with the latest news in renewable energy are aware. The past few years have seen an unsettling surge in natural disasters like heat waves, wildfires, and hurricanes, caused by the effects of climate change. It’s no surprise that the renewable energy industry is an important part of the solution to the climate crisis, and its popularity is growing rapidly in comparison to fossil fuels.
Earlier this year, the International Energy Association published its nearly 500-page World Energy Outlook report, which contained various mapped scenarios that illustrate how today’s decisions will impact the world’s energy consumption in the future. The report’s different scenarios explore issues such as governmental follow-through and economic recovery timelines due to the ongoing COVID-19 pandemic.
The IEA Outlook also praised the recent increase in solar energy, not only for its positive impact on the environment, but also for its cost-effectiveness and accessibility. According to the report, “solar PV is now the cheapest source of electricity in history” for projects with low-cost financing that access high-quality resources.
The historical cheapest source of electricity is now solar power. Although installing a solar panel system is a significant investment, current financing options, tax credits, and government incentives have motivated more businesses worldwide to make the switch. Among US states, California is taking the lead in solar energy adoption due to its abundant sunshine and aggressive climate action plans. Many solar companies in California are driving the renewable energy boom by educating local communities about the positive global impact of going solar. This inspiration has been felt globally as we see a growing trend of solar adoption in key countries and continents like the UK and Europe.