How Solar Panels have become the most cost-effective renewable option

When renewable energy sources first became a buzzword a few decades ago it was seen as the ideal situation for the future of our planet, but there was a reluctance to fully accept it because, when directly compared with the fossil fuels that had been the norm for powering our world for centuries prior, it was just too expensive. In the past twenty years however, there has been a change in approach and out of all of the renewable energy sources, solar power has been the one that has reduced in cost the most. 

How much cheaper has solar power become?

In the last twenty years in fact, solar energy technology has decreased in price from 5,000 GBP per kW, to just 196 GBP per kW in 2020. This is a significant drop in price that means we are much more likely to see the benefit of solar energy in the future. It also means that as a homeowner, you could now take advantage of solar panel technology as a domestic low-carbon energy system.

The International Energy Agency (IEA) released a 450+ page document called World Energy Outlook 2020, which looks at the future of global energy use over the next two decades. All of the ‘pathways’ talked about in the outlook include a major increase in the use of renewables. The main scenario that the IEA talks about is solar output, which is now showing 43% more solar output in 2040 than was expected in the last outlook (published in 2018). 

Why is solar power now the preferred option of renewables?

The IEA’s analysis indicated that solar power is now 20-50% cheaper than previously thought. There are large reductions in the project estimations for both onshore and offshore windfarms too, all leading to a promising future for renewable energy sources at a time where the world is desperately attempting to reach net carbon zero emissions by 2050 in line with the Paris Agreement. The lower cost of solar power and the rapid growth in its use should see that record-breaking numbers to the capacity of solar power every year from now on. 

Cost-effective solar power with a Green Homes Grant

There has been a massive change in focus towards renewable energy in recent years as climate change has become a massive worry to the future of our planet. Government initiatives to promote a reduction in carbon emissions has meant enticing people to switch from fossil fuel energy providers to renewable energy sources. As solar panel systems have become a bit more cost effective as a domestic renewable energy source, we’ve seen that it has been taken up in high numbers by homeowners looking for ways to reduce their carbon footprint and make significant savings over time.

We can help with the installation cost of solar panels if you are interested in making a change to a low-carbon heating system and energy provider.