According to an article by CleanTechnica, the cost of solar energy has been dropping much faster than solar experts predicted.
The article says that Jenny Chase of Bloomberg New Energy had previously predicted that solar energy would drop from 62 cents per watt in 2015 to 21 cents per watt by 2040, with the “assumption of no technological breakthroughs.” However, Chase recently told CleanTechnica “if the average [solar] module sold to a utility scale project in 2017 was about 35 cents, it will fall to 32 cents in 2018 and 31 in 2019.”
CleanTechnica points out that as a result, solar is starting to get competitive with existing fossil fuel and nuclear power plants, which may sway companies to power their businesses with the sun: “It was just a couple of years ago that new solar was getting cost-competitive with new fossil power plants. That’s a big enough change, but when solar and wind get cheaper than electricity from 20-year-old, 10-year-old, and even 1-year-old power plants…things get interesting…”
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It does not seem to matter that solar experts’ predictions on solar power were off. With the rise of solar as a power source, and the decline of costs to develop solar energy, this means good news for decision makers’ pockets.
Improvements made to solar cell and solar panel technology, and how each is produced, have cut costs. “This decreases the need, usefulness, and potential of any ‘breakthroughs’ in solar technology, since solar is already getting to the point where it will beat already built and operating coal, nuclear, and natural gas power,” CleanTechnica says.
For decision makers who currently have solar power, or who are considering adopting it, the benefits are clear – cheaper energy costs, and the opportunity to create a more sustainable, greener environment inside and outside of their business.
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In India, Solar Price is reducing year on year basis and awareness about this product has sharply increased this year and Government is hoping to achieve target of 175gw by 2022.
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