Solar Energy as renewable energy

Solar energy is a widely used renewable energy source that has seen significant growth in recent years. In February 2024, solar accounted for 83.6% of new capacity, showcasing its expanding role in the energy market. 

The efficiency and cost of solar power have dramatically improved, with costs dropping from $5 per module watt to just $0.06, an 83-fold decrease. This has made solar energy increasingly competitive with traditional energy sources. Solar technology allows for the conversion of sunlight into electricity, either directly through photovoltaics or indirectly through concentrated solar power, providing a clean and sustainable energy alternative.