Solar energy is emerging as the most accessible and economical option in the long term, and a study confirms this for 2030. This progress depends not only on technology, but also on energy policies and the reduction of subsidies for fossil fuels.
Are solar panel prices going down? The research, published by the journal Nature Communications, has developed the hypothesis that the phenomenon known as the “learning effect” will occur. A technology becomes more economical due to its constant use. The study has observed a reduction in the cost of solar energy and, consequently, a 25% increase in installed capacity.
The range set out in the report covers the years 2010 to 2020, and researchers believe that within six years, if this trend continues, solar energy will become the cheapest energy because manufacturing costs will decrease and thanks to the influence of the global market, it will become the most accessible source.
The reality with fossil fuels. Renewable energy is gaining ground on fossil fuels and is even becoming more profitable. However, the subsidies that fossil fuels receive are three times higher than investments in renewable energy. According to the report of the International Renewable Energy Agency (Irena), the member countries of the G20 have subsidized fossil fuels with 1.4 billion dollars in public funds, contradicting environmental commitments. Therefore, the agency points out that by 2030 an annual average of 1,100 GW of renewable capacity must be installed to surpass conventional fuels.
Any other drawbacks? Scientists have found other impediments that could slow the widespread adoption of renewable energy. Challenges include dependence on the sun and wind, uneven investment by countries in renewables and many countries continuing to opt for burning coal.
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What about seasonal intermittency? Renewables do not constantly produce energy because they depend on the weather. Therefore, storage is important, although in places like China it is posing a challenge. Alternatives are also being sought by other industries, such as car batteries, which are using them for stationary storage. However, the creation of batteries involves the extraction of minerals that are increasingly scarce, expensive and cause social conflicts.
And how will it affect the electricity bill? Researchers believe that this will have a positive impact if the cost reduction continues. In fact, a recent news item indicates that the Price of electricity could fall by almost half in Spain within six years. However, it should be noted that this could happen when subsidies for fossil fuels decrease and energy storage improves.
Self-consumption. The rise of self-consumption has reached many homes. The different prototypes for having a solar panel include setting it up on the balcony or installing a small-scale wind turbine. In addition, batteries are being created to store surplus energy in a house.
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Will they meet their climate commitments? Broadly speaking, these are agreements stipulated by nations such as the Paris Agreement or the Glasgow Pact to limit the planet’s temperature. Although many countries have committed to the goal of reducing emissions, we are still far from meeting the agreements. For example, China, which is leading the way in renewables but continues to depend on fossil fuels, or the European Union, which must increase its installed capacity. However, the predominance of renewables does not only depend on climate policies, but also on future market logic.
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The news
The learning effect: Solar’s chance to eat up fossil fuels by 2030
was originally published in
WorldOfSoftware
by Alba Otero .