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Here Comes the Sun: Solar Power Now the Cheapest Source of Energy

Solar Power

Solar Power Harvesting energy from the sun has always been a viable way of generating electricity. Renewable energy providers like Ecolution have helped in reducing the carbon footprint of houses, offices and facilities by installing and maintaining solar panels on roofs. What would make an even bigger impact on the environment is if the solar power movement would become as widespread as coal – or, better yet, replace fossil fuel altogether.

The resources and technology needed for the process, however, hamper any major efforts from government legislators in installing solar panels for every household and establishment in the world.

Cost-effectiveness of Sunlight

Fortunately, new research produced by Bloomberg New Energy Finance (BNEF) brings good news: the cost of solar power in 58 lower-income countries, like China and India, had dropped to a third since 2010. Solar power is now more cost-effective than wind energy, making it the cheapest source of electricity.

‘Solar investment has gone from nothing – literally nothing – like five years ago to quite a lot’, said Ethan Zindler, head of US policy analysis at BNEF.

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Private companies set to compete for massive contracts to provide solar-powered electricity, starting with India and Chile. Solar power prices hit an all-time low, about half the price of fossil fuel energy. BNEF chairman Michael Liebreich stated that solar energy has entered ‘the era of undercutting’ coal prices and projected a surge in the demand for solar energy in the market for 2017.

Foolproof

Nuclear energy was known to be another cheap and powerful source of energy, prompting lawmakers to push for more plants to open despite previous tragedies that have posed threats to human and animal health and the environment.

New figures were revealed by the National Audit Office (NAO) last July that the predicted cost of both wind and solar electricity will decrease until the year 2025, even more so than nuke power.

‘The cost forecast for gas has not changed’, the study reads, ‘while for nuclear it has increased’.

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It is safe to say that there is no more room for reasoning against renewable energy. Cheap and sustainable – everyone wins.

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