Solar expected to lead the way in renewable energy

The International Energy Agency (IEA) revealed in its report that solar energy is now one of the cheapest sources of electricity due to maturing technologies and policies that have reduced the cost of investments.

The IEA's report said that electricity costs from large-scale solar photovoltaic installations had dropped significantly from 38 cents per kilowatt-hour in 2010 to 6.8 cents per kilowatt-hour last year.

The prospects for increasing renewable energy generation could range from strong to spectacular, with solar leading the way.

Photovoltaic systems can be easily be installed as panels on homes or businesses, as well as deployed at solar parks.

IEA executive director Fatih Birol said that she sees solar becoming the new king of electricity markets and is on track to set new records for deployment every year after 2022.

According to the IEA, solar power remains a cost-effective choice even if the pandemic drags on and cause lasting damage to the economy.

Under the IEA's "Sustainable Development Scenario," where an increase in clean energy policies and investment puts the world on track to reach the goals of the Paris Climate Agreement, the combined share of solar photovoltaic and wind surges from 8 percent in 2019 to almost 30 percent in 2030.