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Solar Energy is Now the Cheapest Electricity in History and Just Met 100% of Demand in South Australia For First Time


South Australia met 100% of its electricity demand with solar power for the first time over the weekend; most do not come from solar farms but from roof-mounted photovoltaic panels.

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A combination of clear skies, low power demand, and mild temperatures helped create the conditions for 76% of the circulating power to be generated by rooftop solar, with large-scale solar farms making up the rest.

Both sources combined to generate 1.37 gigawatts of available energy, which would have generated 986 metric tons of CO2 and would normally require 1 million pounds of coal or about 100,000 gallons of gasoline.

In sunny Australia, rooftop solar power had already hit a record 900 megawatt hours of production for the first time just a few weeks earlier, a record that would be broken for 2.5 hours straight on Sunday when rooftop panels produced 992 MWh.

Records were also set off the South Australian accountants, as well as, in a new report, the International Energy Agency (IEA) says that solar power is now the cheapest form of electricity that utilities can build. At the same time, panel technology becomes more efficient and prices for basic panels continue to fall, and investors are finding better and better financing deals.

RELATED: Downtown Sydney is now powered by 100% renewable energy thanks to a landmark agreement

That is good news for South Australia and for the continent as a whole, as energy reports suggest The installation of solar panels and batteries will continue to expand there until 2021, eliminating the need for safeguards from the natural gas grid and even allowing some of the excess to be shipped to the state of Victoria.

Solar energy will grow exponentially

The future of solar energy is bright, of wind: windy, of biofuels: it smells good, and in the IEA’s annual energy outlook, they describe it as such after running scenarios in which the declared policies of various states of the world they are fulfilled and calculated for what that would mean for the energy sector.

According to their analysis, global solar growth will rise to 13% each year, and while capital costs have risen slightly after years of decline, other market conditions will push production and investment to new highs, while 275GWh of coal global will head in the opposite direction by 2025.

“Global solar PV deployment exceeds pre-crisis (COVID) levels by 2021 and sets new records every year after 2022 thanks to widely available resources, declining costs and policy support by more than 130 countries “. read the executive summary of the report.

He adds that renewables will overtake coal as the main means of generating electricity worldwide by 2025, noting that according to its current goals and trajectory, China will have expanded renewable energy by 1,500 terawatt hours by 2030, more than the demand for electricity of all nations. from Germany, France and Italy last year.

The financial markets are not blind to this. Investment firms like Blackrock are taking a new climate-related approach to investment strategies, with their CEO Larry Fink. writing letters to all top CEOs whose money Blackrock manages who will examine the sustainable business practices of any company they plan to invest in.

PLUS: Scorched Australia is recovering energy thanks to new solar grids financed by a couple of philanthropists

The records that South Australia is setting are the signs of a global trend that will affect all markets and all energy companies, and it is probably just the fall of a few stones that starts an avalanche in the mountains.

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