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Date: October 26, 2020 at 08:50:36
From: Akira, [DNS_Address]
Subject: IEA: It's Official: Solar Is the Cheapest Electricity in History |
URL: https://www.popularmechanics.com/science/a34372005/solar-cheapest-energy-ever/ |
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"In a new report, the International Energy Agency (IEA) says solar is now the
cheapest form of electricity for utility companies to build. That’s thanks to
risk-reducing financial policies around the world, the agency says, and it
applies to locations with both the most favorable policies and the easiest
access to financing. The report underlines how important these policies are
to encouraging development of renewables and other environmentally
forward technologies.
☀️ You love renewable energy. So do we. Let's nerd out over it together.
Carbon Brief (CB) summarizes the annual report with a lot of key details.
The World Energy Outlook 2020 “offers four ‘pathways’ to 2040, all of which
see a major rise in renewables,” CB says. “The IEA’s main scenario has 43
[percent] more solar output by 2040 than it expected in 2018, partly due to
detailed new analysis showing that solar power is 20 [to] 50 [percent]
cheaper than thought.”
GO SOLAR
The calculation depends on financing figures compared with the amount of
output for solar projects. That means that at the same time panel
technology gets more efficient and prices for basic panels continue to fall,
investors are getting better and better financing deals. CB explains:
“Previously the IEA assumed a range of 7 [to] 8 [percent] for all
technologies, varying according to each country’s stage of development.
Now, the IEA has reviewed the evidence internationally and finds that for
solar, the cost of capital is much lower, at 2.6 [to] 5.0 [percent] in Europe
and the US, 4.4 [to] 5.5 [percent] in China and 8.8 [to] 10.0 [percent] in
India.”
So the statistic “20 to 50 percent cheaper” is based on a calculus of
companies building solar projects, not something that has throughput for
consumers or even solar homeowners. But it’s still a big deal, because the
cost to build power plants is a major part of why so much of the world has
stuck with coal and gas power. With the new, lowered cost of capital, solar’s
cost per megawatt has fallen almost completely below both gas and coal
worldwide. (These statistical models get into some detail, but very local
results are different, of course.)
What causes cost of capital to lower? It depends on a bunch of things, but
for renewable energy, there are a few low-hanging factors. As people and
companies see more successful projects like Elon Musk’s South Australia
solar battery farm, their investment confidence grows.
Elon Musk's Battery Farm Is an Undeniable Success
The better the technology’s batting average, the more you look forward to
its at-bats. And the cost of the technology itself continues to fall, meaning
investors are asked to swallow at least a little smaller pill. Then, policies like
tax incentives and low-cost financing sweeten the deal.
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."
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Responses:
[17326] [17327] |
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17326 |
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Date: October 26, 2020 at 08:52:18
From: Akira, [DNS_Address]
Subject: So. Australia 1st to be 100% Solar-Powered, as Solar becomes Cheapest |
URL: South Australia first to be 100% Solar-Powered, as Solar becomes Cheapest form of Energy |
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"The state of South Australia is the future. For one hour, on October 11, all of
its electricity was generated by solar power, the first time this feat was
achieved by any major jurisdiction in the world. So reports Richard Davies of
the Australian Broadcasting Corporation. October is a spring month in
Australia...."
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Responses:
[17327] |
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17327 |
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Date: October 28, 2020 at 17:39:36
From: pamela, [DNS_Address]
Subject: Re: So. Australia 1st to be 100% Solar-Powered, as Solar becomes... |
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I didn't read anything about how they are going to
handle the toxic part of solar energy.
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Responses:
None |
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