We present a $G_0W_0$ implementation that assesses the two major bottlenecks of traditional plane-waves implementations, the summations over conduction states and the inversion of the dielectric matrix, without introducing new approximations in the f
ormalism. The first bottleneck is circumvented by converting the summations into Sternheimer equations. Then, the novel avenue of expressing the dielectric matrix in a Lanczos basis is developed, which reduces the matrix size by orders of magnitude while being computationally efficient. We also develop a model dielectric operator that allows us to further reduce the size of the dielectric matrix without accuracy loss. Furthermore, we develop a scheme that reduces the numerical cost of the contour deformation technique to the level of the lightest plasmon pole model. Finally, the use of the simplified quasi-minimal residual scheme in replacement of the conjugate gradients algorithm allows a direct evaluation of the $G_0W_0$ corrections at the desired real frequencies, without need for analytical continuation. The performance of the resulting $G_0W_0$ implementation is demonstrated by comparison with a traditional plane-waves implementation, which reveals a 500-fold speedup for the silane molecule. Finally, the accuracy of our $G_0W_0$ implementation is demonstrated by comparison with other $G_0W_0$ calculations and experimental results.
