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Solar and wind power cheaper than fossil fuels for the first time
Key Excerpts from Article on Website of The Independent (One of the UK's leading newspapers)
Posted: January 8th, 2017
http://www.independent.co.uk/environment/solar-and-wind-powe...
Solar energy is now cheaper than traditional fossil fuels. Solar and wind is now either the same price or cheaper than new fossil fuel capacity in more than 30 countries, according to a new report from the World Economic Forum. The influential foundation has described the change as a "tipping point" that could make fighting climate change into a profitable form of business for energy companies. But investors and energy firms are still failing to put money into such green solutions despite the fact that they are cheaper than more traditional forms of electricity generation. Renewable energy has reached a tipping point it now constitutes the best chance to reverse global warming, said Michael Drexler, Head of Long Term Investing, Infrastructure and Development at the World Economic Forum. Just ten years ago, generating electricity through solar cost about $600 per MWh, and it cost only $100 to generate the same amount of power through coal and natural gas. But ... today it only costs around $100 the generate the same amount of electricity through solar and $50 through wind. The cheap price of solar and wind energy is already encouraging companies to build more plants to harvest it. The US is adding about 125 solar panels every minute ... and investment in renewables in 2015 rose to $286 billion, up 5 per cent from the year before. Even despite that cheap price ... the worldwide investment is only 25 per cent of the $1 trillion goal set in the landmark Paris climate change accord.
Note: Why are most of the media in the US hardly reporting this inspiring news at all? Read more on this great news in this informative essay.
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