Solar Power, will push coal and natural-gas plants out of business faster than previously forecast. That is the conclusion of Bloomberg New Energy Finance outlook for how fuel and electricity markets will evolve by 2040. Solar already rivals the cost of new coal power plants in Germany and the U.S., with the quick growing markets of China and India not far behind.
“Costs of new energy technologies are falling in a way that it’s more a matter of when than if,” said Seb Henbest, a researcher at BNEF in London and lead author of the report.
With photovoltaic panel costs producing electricity at almost a quarter of what it did in 2009 and further price reductions on the horizon, solar will start to provide cheaper energy as soon as the early 2020’s.
“These tipping points are all happening earlier and we just can’t deny that this technology is getting cheaper than we previously thought,” said Henbest.
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