Solar power seems to be coming in as the number one contender for the world’s cheapest form of electricity.
According to Bloomberg, Solar energy is rapidly passing up coal and other natural options. It’s even becoming almost as cheap as wind. The cost for solar energy in over fifty countries including China and Brazil has dropped.
Head of U.S. policy analysis at Bloomberg New Energy Finance stated that, “A huge part of this story is China, which has been rapidly deploying solar.” He also went on to say that China’s efforts have inspired other countries to pursue solar energy projects of their own. Solar energy began seeing cheaper prices during the beginning of 2016 when it sold for $64 per megawatt-hour in India. Later in the year, the price dropped to $29 per megawatt-hour in Chile.
However, coal and other natural gasses aren’t to be forgotten. To gather up enough wind or solar energy for usage is a time-consuming process. Chairman of BNEF, Michael Liebreich says, “renewable energy will beat any other technology in most of the world without subsidies.”
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