Sun Power for All? – The Cost of Solar Energy Is Now At Record Low

Based on information from Bloomberg New Energy Finance (BNEF), in 58 developing countries including Brazil, China and India, going solar has now dropped to nearly one third of what it cost 6 years ago (in 2010). In fact, it’s even less expensive than wind power. Although it’s still a long way off from being the cheapest form of energy in the entire world, it’s encouraging to know that the number of countries where it is cheaper to generate electricity by using solar power rather than using fossil fuels is on the rise. Similarly, a report released by the World Economic Forum (WEF) also stated how much the price of renewable technologies, specifically solar power, has dropped to a record low. Compared with coal and natural gas which supplies electricity at an average cost of $100 per megawatt-hour, solar cost has plunged from $600 ten years ago, to $300 five years later, and now to less than $100.

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