By 2021, solar power will be cheaper than coal power, A new report from Bloomberg New Energy Finance (BNEF) shows that the price of solar power is dropping rapidly and much faster than anticipated. This week, we’re examining not only the cost of solar power but its transition to a mainstream power source.
The report’s lead author, Seb Henbest, said: “costs of new energy technologies are falling in a way that it’s more a matter of when than if.” If the report is correct, we could see a decline in global CO2 levels as early as 2026 – which is much sooner than foretasted by International Energy Agency.
Countries like China and India are still installing coal plants. However, as suggested, once solar proves to be cheaper, things will likely turn around. In fact, China and India are preparing for the solar boom and are currently the biggest markets for new solar farms. They’ve also invested trillion of dollars in solar, accounting for 39% of investments in the solar power industry overall. And, China plans to invest even further. They’re aiming to spend at least $360 Billion on renewable energy by 2020 to not only fight climate change but to reduce pollution in their major cities.
Despite Donald Trump saying: “we’re going to bring back the coal industry,” Solar power is becoming the energy front running in the US with prices dropping. In fact, the Bloomberg report predicts that US solar powers costs will drop by 67% by 2040, while Canada will see a 63% drop.
While these solar price drops for Canada and the US are huge, they don’t hold candles to Japan. It’s projected that Japan will see a 70% drop by 2022 and 85% shortly after that.
The fact is, when something is objectively cheaper and better, there’s no stopping it.
With the shift towards solar, some may expect doom for big oil countries like Saudi Arabia. But, they’re jumping on the solar bandwagon as well. Despite being OPEC’s top oil producer, Saudi Arabia is planning to develop 30 solar and wind projects over the next 10 years. And, big oil companies like BP are also making their first investment into renewables in half a decade.
Looking at the trend towards solar, we’re likely looking at the rise zero-emission technology. Tesla and other electric vehicles as well as things like home batteries will likely gain popularity and become more and more renewable.
All of this adds up to a cleaner and brighter future for our kids, which is where today’s sponsor, Wunder Capital, comes in…
In 2016, 39% of new generation capacity purchased online was solar. This is leading to a boom in residential and commercial solar projects. This is why Wunder Capital is offering up to 8.5% annually to investors who are willing to help fund small- and medium-sized businesses transition to solar.
Banks don’t understand how to fund business’ transitions to solar. Wunder Capital gets it and gives business get the resources they need to make the switch. Becoming a Wunder Capital investor is an opportunity for you to help fight climate change as well as diversify your portfolio. There are no monthly fees, and you can get started with an investment of $1,000.
So, if you want to earn up to 8.5% annually, help the planet go green and fight climate change, learn more at teslanomics.co/wunder.
I compiled my data using the following sources:
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