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World Energy Hits a Turning Point: Solar That's Cheaper Than Wind
Key Excerpts from Article on Website of Bloomberg
Posted: January 2nd, 2017
https://www.bloomberg.com/news/articles/2016-12-15/world-ene...
A transformation is happening in global energy markets thats worth noting as 2016 comes to an end: Solar power, for the first time, is becoming the cheapest form of new electricity. This has happened in isolated projects in the past. But now unsubsidized solar is beginning to outcompete coal and natural gas on a larger scale, and notably, new solar projects in emerging markets are costing less to build than wind projects. While solar was bound to fall below wind eventually, given its steeper price declines, few predicted it would happen this soon. Solar investment has gone from nothing ... five years ago to quite a lot, said Ethan Zindler, head of U.S. policy analysis at BNEF. A huge part of this story is China, which has been rapidly deploying solar and helping other countries finance their own projects. The world recently passed a turning point and is adding more capacity for clean energy each year than for coal and natural gas combined. Peak fossil-fuel use for electricity may be reached within the next decade. Thursdays BNEF report, called Climatescope, ranks and profiles emerging markets for their ability to attract capital for low-carbon energy projects. The top-scoring markets were China, Chile, Brazil, Uruguay, South Africa, and India. For populations still relying on expensive kerosene generators, or who have no electricity at all, and for those living in the dangerous smog of thickly populated cities, the shift to renewables and increasingly to solar cant come soon enough.
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