Solar energy is now so cost-effective that, in the sunniest countries, it costs as little as £0.02 to produce one unit of power, making it cheaper than electricity generated from coal, gas or wind, according to a new study from the University of Surrey.
In a study published in Energy and Environment Materials, researchers from Surrey’s Advanced Technology Institute (ATI) argue that solar photovoltaic (PV) technology is now the key driver of the world’s transition to clean, renewable power.
The research team also found that the price of lithium-ion batteries has fallen by 89% since 2010, making solar-plus-storage systems as cost-effective as gas power plants. These hybrid setups, which combine solar panels with batteries, are now standard in many regions and allow solar energy to be stored and released when needed, turning it into a more reliable, dispatchable source of power that helps balance grid demand.
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