According to a report, solar Electricity’s Price Dropped by a whopping 89% in just ten years and onshore wind’s price also declined by 70%. It is important to stop depending on fossil fuels and energy to put an end to our climate crisis.
This may have seemed like a big deal ten years ago considering the cost of installing solar and wind at the time. However, we can now see that the price of renewable energy has been declining drastically.
Clean energy has surpassed its economic tipping point. According to a 2019 report, it was much cheaper to build and utilize a combination of renewables such as solar and wind than creating new natural gas plants. Carbon Tracker’s report revealed that it is less expensive to invest in renewables than investing in fossil fuels like coal.
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Our World in Data recently published graphs that starkly show that decline. When the price of electricity from new power plants in 2009 was compared with that of 2019, one graph reveals how the solar photovoltaic power’s price decreases from $359 megawatt hour per hour to $40; this is a 89% decrease and the cheapest of the power options available on the chart.
In 2009, it was less expensive to build a coal plant than to build a solar farm. Now, the reverse is the case as electricity generated from a coal plant is more expensive than electricity the one got from the solar panel.
It is very important to know why solar technology became so cheap in order to understand the reason behind the low price of solar power.