In 2009, building a new solar farm was 223% more expensive than building a new coal plant. Now, it’s flipped.
To curb our climate crisis, we need to end our dependence on fossil fuels and power the world with renewables. That may have seemed far-fetched a decade ago given the cost of installing wind and solar at the time, but the price of renewables has been falling fast. In 10 years, the price of solar electricity dropped 89%, and the price of onshore wind dropped 70%.
Clean energy has already passed its economic tipping point. A 2019 report from the nonprofit Rocky Mountain Institute found that it was cheaper to build and use a combination of renewables like wind and solar than to build new natural gas plants. A 2020 report from Carbon Tracker found that in every single one of the world’s energy markets, it’s cheaper to invest in renewables than in coal.
- The price of solar electricity has dropped 89% in 10 years
- EIB approves €1 trillion green investment plan to become ‘climate bank’
- Why did renewables become so cheap so fast?
- LONGi remains sole AAA-Rated module supplier in Q4 2020 Bankability Ratings release
- Poland to tender 3.2 GW of solar by end of 2021