Renewable technology is becoming increasingly affordable, thanks to the progressively lower construction costs of new power plants. This is also occurring because renewables are becoming more widespread, and this triggers a virtuous circle that helps the further development of the whole sector. The technical term for this is the economies of scale: the more production increases, the more the price decreases proportionally. This is also why solar energy – the type of energy that’s spreading most rapidly – is set to become the main source of electricity production in much of the world within 30 years. In particular, technological and digital development have made photovoltaics a useful and affordable resource, both for industries and in homes. As a report published by the International Renewable Energy Agency (IRENA) in 2022 explains, the cost of green sources is steadily declining. In the period between 2010 and 2021, the average cost of new photovoltaic systems fell by 88%, while that of onshore wind fell by 68%, and that of offshore wind by 60%. Renewables are increasingly affordable As of 2021, most renewable energy obtained from newly installed systems costs less than even the cheapest coal-fired power plants. Today, solar energy and wind power together have already exceeded 10% of the world's electricity production. Considering that, at the time of the Paris Agreement in 2015, the percentage was about 4.6%, this achievement is remarkable and, according to experts, it shows that the sector is developing rapidly and has excellent potential. For it to be possible to move away from fossil fuels for good, however, there needs to be simultaneous growth in all renewable sources: solar, photovoltaic, wind, hydroelectric and geothermal. It is a combination of all of them, in fact, that will help us achieve our sustainability goals. The reasons for the success of solar energy The sun is a resource that’s practically inexhaustible, clean and perfect for meeting a variety of energy needs. The possibility of installing photovoltaic panels almost anywhere also makes solar energy an excellent option for domestic self-consumption. In addition to the roofs of homes and all buildings, photovoltaic systems can be installed on land used for farming or raising livestock, as is the case with agrivoltaics. All this makes it possible to decrease carbon dioxide (CO2) emissions, as the energy transition goals specify. Furthermore, installing photovoltaic panels, even for the self-consumption of energy, contributes to the green transformation process. This has led to the birth of Renewable Energy Communities (RECs): associations of people who produce and share renewable energy, and who benefit from direct energy production in order to reduce their own energy costs. When it comes to promoting the circular economy, an important point is the management of the "end of life" of power plants, i.e., dismantling them when they cease to produce energy. Here, too, there’s good news: the materials from which solar panels are made are perfectly in line with the 5 Rs model: reduce, reuse, recycle, regenerate and rot.
