Solar power is already cheaper than coal in some parts of the world — in 2016, Chile and the United Arab Emirates broke records with deals to generate electricity from sunlight for less 3 cents per kilowatt-hour — half the global average cost of coal, Jessica Shankleman and Chris Martin write for Bloomberg News.
In less than a decade, solar power could be the cheapest power option nearly everywhere. As Shankleman and Martin write, “Since 2009, solar prices are down 62 percent, with every part of the supply chain trimming costs…By 2025, solar may be cheaper than using coal on average globally, according to Bloomberg New Energy Finance.”
“These are game-changing numbers, and it’s becoming normal in more and more markets,” said IRENA Director-General Adnan Amin. “Every time you double capacity, you reduce the price by 20 percent.”