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Now is as good as time as any to start investing in solar power. The International Energy Agency (IEA) reports that the cost of solar is dropping by 20% to 50%. Solar, along with other renewables, have significantly undercut fossil fuels as the world’s most affordable source of energy, with nearly 62% being cheaper than the cheapest new fossil fuel.
The costs for renewable technologies will continue to fall significantly year on year, says the International Renewable Energy Agency (IRENA) in its latest report. This momentous change is thanks to the fundamental progress in technology and economies of scale, as well as the decline of global reliance on fossil fuels. In the last decade, the cost of large-scale solar projects has fallen as much as 85%, and cost of solar PV electricity has fallen 7% year-on-year.
More installed solar capacity means a more positive impact on driving down the price, making solar power increasingly attractive in the future and fossil fuel becoming a last resort. By starting your solar journey today, you’re grabbing the perfect opportunity to not only contribute to the reduction of C02 emissions but also raising the real income of society and achieving more economic growth as a whole.