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Solar Power to Undercut Coal by 2021

Solar Power Price Drop

Solar power price plunge due to falling photovoltaic solar panel prices

A golden age of cheaper solar power is around the corner. Four years from now to be precise. Image by Zhangyang13576997233 (via Shutterstock).

Even with cuts to feed-in tariffs on our often soggy patch, the rise in popularity of solar power remains unstoppable. By 2021, it could be cheaper than coal. Behind the latest price plunge is the cost of photovoltaic panels. That’s before we see Forward Labs’ solar roof, hailed as a cheaper alternative to Elon Musk’s version which uses PV panels.

Since 2009, photovoltaic solar panels have fallen in price by 25%. By 2040, solar power could be even cheaper with an expected drop in prices by 66%. This is according to a recent survey by Bloomberg New Energy Finance. In the same source, it is stated that solar power prices are in parity with coal power prices in the USA and Germany.

In 2040, it is expected that coal powered electricity generation would fall by half in the United States of America, and 87% in Europe. At the moment, solar power usage in the UK stands at 8.1% - almost a quarter of Britain’s nuclear energy consumption (33.2%). We have a long way to go.

Mertech Electrical, 21 June 2017.

 

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