In terms of what is best for the environment, solar power is the ideal choice over using coal, a form of non-renewable energy. These days, the idea of using an alternative form of energy such as solar energy is becoming more and more powerful in today’s eco-conscious generation. If you live in Louisiana and want some more information, free estimates or have solar panels installed, there is an excellent Solar Panel Installation in Shreveport.
Solar power can seem intimidating at first as the technology can seem unfamiliar to some, making the switch to going solar can also be a difficult decision as there are high initial cost- from buying solar panels to suit your home or business, to the installation and maintenance cost; seeing the returns on your investment can seem like forever.
However, in terms of prices between the two, what is more efficient in the long run? Solar power vs coal price: what you need to know.
What is the Cheapest Form of Energy?
Using fossil fuels such as coal used to be the cheapest form of energy. Now, the International Energy Agency or the IEA stated in 2020, that solar energy is now the cheapest form of electricity for utility companies to make. This means that as the cost gets lower, more and more people will find it easier to have access to using solar energy as solar energy companies can provide better financing options to consumers.
Cheap renewable energy such as wind and solar now cost half to build rather than coal plants. Solar energy such as solar panels and solar batteries will be expected to lead in producing more than half of the world’s electricity production by 2050.
Due to the high demand, renewable energy will soon be the most powerful energy supply in the power sector as it produces other alternatives for electricity at a fraction of the cost.
Due to concerns in the impact of burning fossil fuels to the environment, technological advancements are created in order to keep prices down and make solar energy, a renewable energy source, more affordable and accessible to the public.
Is Solar Power Cheaper than Fossil Fuels?
Is solar really cheaper than coal? Solar technology has become more innovative which affects the price drop and resulted in it becoming cheaper to build rather than building a fossil fuel plant.
There is recent research that shows that solar panels contain larger results for smaller panels, cheaper costs for fabrication per panel, longer lifespan, and sustainable recycling and reusing plans.
The solar energy technology continually improves each day and with the advancement in these parts, the price of solar power will then be reduced to make room for more and more people using solar energy to power their homes, businesses, and large scale industrial spaces.
Is Renewable Energy Cheaper than Coal?
Yes.The International Renewable Energy Agency (IRENA) released a report that says renewable energy is now cheaper than coal. In the same report it states that solar and onshore wind energy are the cheapest energy sources.
The report says that in 2017 wind turbine prices had an average cost of $0.06 per kilo-watt hour, and has occasionally dropped to $0.04 per kilo-watt hour. Concurrently, the cost of solar photovoltaic (PV) has dropped to $0.10 per kWh.To compare the two, electricity produced by fossil fuels such as coal, will usually run from $0.05 to $0.17 per kilo-watt hour.
This same report predicts that within the coming years, solar and wind will be able to produce electricity for as little as $0.03 per kWh.
Hydroelectric energy, also called hydroelectric power or hydroelectricity, is a form of renewable energy that harnesses the power of water in motion such as water flowing over a waterfall to generate electricity and it is on its way to becoming an affordable energy source.
Hydroelectric power is also another cheap source of renewable energy, at an average of $0.05 per kilowatt hour, however the average cost of building new hydroelectric plants is costly.
The construction of reservoirs has reduced dramatically in the last few years because building a dam and reservoir to maintain hydroelectric power takes a significant amount of money, time, and construction.