The declining cost of renewables marks a turning point in a global transition to low-carbon energy, according to a new report by the International Renewable Energy Agency (IRENA).

According to IRENA, the attractive prices of renewables relative to fossil fuel power generation could push governments towards green economic recoveries following the coronavirus pandemic.

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Due to the pandemic, the value of the world’s fossil fuel reserves could fall by two-thirds.

Reports predict a 2% decline in demand for fossil fuels every year could cause the future profits of oil, gas and coal companies to collapse from an estimated $39tn to just $14tn.

We have reached an important turning point in the energy transition,” Francesco La Camera, director-general of IRENA, said in a statement.

This is the time to deactivate coal plants, as more than half of them could be undercut by new solar projects.

According to IRENA, if companies replaced their most expensive coal plants with new solar projects, they could save up to $23bn every year and wipe out 5% of last year’s total global carbon emissions.

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As a homeowner, what are you doing to add/contribute to the global energy transition — away from non renewable energy sources of electricity production?

Contact Terawatt Solar today and discuss your options for solar energy.

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