Solar energy became one of the cheapest energy sources in the summer of 2018. The cost of producing the resulting electricity was reduced to such a level that the cost of the coal energy double. According to a recent report by the International Energy Agency, solar energy has become even more economical.
All this is due to a new kind of computational model in the industry. Although solar energy is free, solar panels are quite expensive to produce. To encourage people to use them, governments need to support this kind of endeavor. Currently, 130 countries around the world have regulations for this. By region, the price is 20-50 percent lower than last year.
The cheaper it is to produce electricity in this way, the greater its role in reducing global warming, so this is pretty positive news. By 2030, the European Union aims to produce 32% of the EU's energy from renewable sources. According to the International Energy Agency, renewable energy may be even cheaper after the pandemic period.