SOLAR POWERED RENEWABLE ELECTRICITY GENERATION

SOLAR POWER

THE MODERN AGE OF SUSTAINABLE ELECTRICITY GIVES US A WAY TO CLEAN UP AND SAVE THE PLANET

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There is an abundance of clean, renewable, wind and solar energy that can produce green hydrogen and electricity to charge vehicle batteries, but there is no transport infrastructure to support rapid energy exchanges, or smooth the supply of power for our grids.

The two most common forms of renewable energy are wind and solar power.

SOLAR POWER

With the amount of solar energy that hits the world in one hour there is enough energy to power the world for one year. Solar power can be photovoltaic panels to make electricity, or evacuated tubes to concentrate light radiation to make hot water.

WIND POWER

Wind power or wind energy is the use of air flow through wind turbines to provide the mechanical power to turn electric generators. Wind power is a sustainable and renewable alternative to burning fossil fuels, and has much less effect on the environment.

Both solar and wind power are ideal renewable energy sources from nature, to produce clean, green hydrogen and green methanol.

HOW MUCH ?

The global weighted average cost of newly commissioned solar photovoltaic (PV), onshore and offshore wind power projects fell in 2021. This was despite rising materials and equipment costs, given that there is a significant lag in the pass through to total installed costs.

The global weighted average levelised cost of electricity (LCOE) of new onshore wind projects added in 2021 fell by 15%, year‑on‑year, to USD 0.033/kWh, while that of new utility-scale solar PV fell by 13% year-on-year to USD 0.048/kWh and that of offshore wind declined 13% to USD 0.075/kWh. With only one concentrating solar power (CSP) plant commissioned in 2021, the LCOE rose 7% year-on-year to USD 0.114/kWh.

The period 2010 to 2021 has witnessed a seismic improvement in the competitiveness of renewables. The global weighted average LCOE of newly commissioned utility‑scale solar PV projects declined by 88% between 2010 and 2021, whilst that of onshore wind fell by 68%, CSP by 68% and offshore wind by 60%.

The benefits from renewables in 2022 was considered to be unprecedented, given the fossil fuel price crisis:

- The lifetime cost per kWh of new solar and wind capacity added in Europe in 2021 will average at least four to six times less than the marginal generating costs of fossil fuels in 2022.

- Globally, new renewable capacity added in 2021 could reduce electricity generation costs in 2022 by at least USD 55 billion.

- Between January and May 2022 in Europe, solar and wind generation, alone, avoided fossil fuel imports of at least USD 50 billion.

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