While it might take a lot to get a solar farm ten years ago, things are changing for the better. Nowadays, the price of solar electricity has decreased by 89%. Read more!

Solar Electricity Price has dropped a Whopping 89% in 10 years!

Nowadays, more and more people are now encouraged to be less dependent on fossil fuels. Instead, renewables energy is what we should focus on using. Back in 2009, if you want to own a new solar farm, it would cost more than getting a new coal plant 223%. However, this is not the case in recent years. The price of solar electricity has gone down significantly at 89%.

Based on a nonprofit Rocky Mountain Institute report, we found out that building and using wind and the solar plant would cost much less than a new natural gas one. Moreover, Carbon Tracker’s research also revealed that it’s much cheaper if we invest in renewables than coal. Notably, we could see many interesting numbers in Our World in Data, an online science publication, in partnership with Oxford University.

The price of solar power that came from solar panels went down from $359 to only $40 per megawatt/hour. This number makes it one of the cheapest power options. Meanwhile, coal price didn’t change much, going from $111 per megawatt/hour to $109 within ten years. Furthermore, the price for wind power also dropped 70%. So, what could be the reason behind such a drastic change? One of the most important ones is the giant leaps in technological progression. Additionally, if we could increase the numbers of solar farms and renewable capacity, the price of these renewable energies also could go down.

Cost reduction

Besides various developed countries, many others didn’t have a large number of solar plants. As a result, we could be looking at a vast opportunity to penetrate these areas. Should we upscale renewable energy, their price will go down in the future. On the other hand, it would also play an essential role in preserving our environment and preventing climate change’s damaging effect.