World Energy Hits a Turning Point: Solar Power That's Cheaper Than Wind  

Posted by Big Gav in , , ,

Bloomberg has a report on the continuing decline of the cost of solar power - World Energy Hits a Turning Point: Solar That's Cheaper Than Wind.

This year has seen a remarkable run for solar power. Auctions, where private companies compete for massive contracts to provide electricity, established record after record for cheap solar power. It started with a contract in January to produce electricity for $64 per megawatt-hour in India; then a deal in August pegging $29.10 per megawatt hour in Chile. That’s record-cheap electricity—roughly half the price of competing coal power. “Renewables are robustly entering the era of undercutting” fossil fuel prices, BNEF chairman Michael Liebreich said in a note to clients this week.

Those are new contracts, but there are plenty of projects reaching completion this year, too. When all of the 2016 completions are tallied in coming months, it’s likely that the total amount of solar photovoltaics added globally will exceed that of wind for the first time. The latest BNEF projections call for 70 gigawatts of newly installed solar in 2016 compared with 59 gigawatts of wind.

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