Jun 19, 2017
As Cost Plunges, Solar Power is Ready to Surpass Coal
Solar power is pacing to make it easier for the world to dump coal once and for all. Within the next four years, solar power will finally be cheaper than coal nearly everywhere, aligning economic and environmental interests.
Solar power is among the easiest ways for individuals to hop on the clean energy generation train. There are many incentives afforded to homeowners who are looking to make the switch to solar power. Even more, it is only getting cheaper to produce, install, and operate this technology. And with the advent of Tesla's solar power generating roofing tiles, the process is getting a welcome aesthetic upgrade on top of all of the fantastic vertical integration their technology provides.
This boom is going to continue pushing solar power to the forefront of clean energy initiatives, as the cost of solar energy is expected to drop 66 percent by 2040. Furthermore, a report from Bloomberg states that in just four years' time, solar power will finally be cheaper than coal "almost everywhere." The report also claims that by 2040, up to 20 percent of Brazil's power will be generated by the sun, and Germany will be at 15 percent.
COAL OUT, SUN IN
The economic benefit of switching from coal to solar power will spur even greater growth — as coal supporters will no longer be able to deny the cost saving potential of renewable energy. Thankfully, the rest of the world will also benefit from a significant decrease in the amount of fossil fuels being burned, a major contributor to climate change.
The report, generated by Bloomberg New Energy Finance, states that greenhouse gas emissions will peak in 2026. But thanks to the clean energy revolution, these levels will be 4 percent lower in 2040 than they were last year — the reigning hottest year on record.
With the decline of fossil fuels, we may likely also start seeing the decline of large utility systems. Tesla is a pioneer in this area with its vertical integration of solar panels and solar power storage systems. Their technology is already being used to decrease regional demand on fossil fuel burning plants in Southern California.
by Patrick Caughill