It is a great time for solar and solar projects as prices continue to fall. Not only are solar prices falling, but the cost of solar projects are falling lower than fossil fuel projects. If you want even more support about the drop in solar price, just look at Katie Fehrenbacher’s Fortune Magazine headline, “Solar is Going to Get Ridiculously Cheap”. This is amazing news for homeowners looking to go solar and for clean energy development in the U.S and abroad.
Solar Projects to Attract Large Global Investment
An annual report conducted by Bloomberg New Energy Finance shows that energy prices will fall across the board in the coming years, but solar power in particular will attract the biggest share of global investment over the next 25 years. A very exciting finding in the study reports that solar will become the cheapest power source in many countries over the next 15 years.
Around the world, solar energy and other renewables are predicted to overtake gas in the electricity sector as soon as 2027. Next, solar energy will overtake coal by 2037. The BNEF report also projects fossil fuels to generate $2.1 trillion in investments during that time. At the same time, renewables will attract around $7.8 trillion in investments. Solar energy will account for almost half of that!
Solar PV Cost Expected to Drop & Photovoltaic Installations Expected to Increase
Another exciting discovery found in the BNEF report states that, “by 2040, the cost of solar PV is expected to fall by 60% from its current low prices”. The cost of installing solar panels at solar farms and on rooftops will drop to an estimated average of around 4 cents per kilowatt hour.
The report also predicts 2040 to be the year when 15% of the world’s electricity will come from photovoltaics. The low cost of solar will encourage solar PV installations to account for 43% of all new power generation added around the world between now and 2040. A little over a third of these solar projects will be small in scale such as home solar installations and two thirds will be industrial scale for utilities and other big business.
The drop in cost for solar energy projects means great things for homeowners looking to go solar. It is also extremely promising for the future of clean, economically robust energy development in the U.S. and across the world.
Want more information about the lower cost for solar energy projects? Are you ready to install rooftop solar panels on your home? Please get in touch! Call, email or schedule an in hour consultation with one of our trusted solar energy specialists. We make your transition to solar power easy with worry free no money down financing. We install solar panel systems across South Carolina including Charleston, Columbia and Greenville. Give us a call today! (855) 339-1831