New year, better energy: According to multiple news reports from data collected over the previous year, solar power is officially the cheapest form of electricity worldwide, which is great news for the environment today and for future generations.
According to Bloomberg, the cost of solar in 58 “emerging market economies” has dropped about 1/3 since 2010, and it is outperforming coal and gas. That said, it’s expected that within the next decade, fossil fuels for electricity will reach its’ peak and start a decline, while solar continues to climb — with a projection that 68% of new electricity capacity will be generated from the Sun within 25 years.
Solar, wind and natural gas will make up the majority of new capacity “additions” to electricity usage for the foreseeable future, a reason being that it’s not only very expensive to build new fossil fuel plants but that they are pricey to maintain. In fact, in many places, the entire lifetime of installing and using wind and solar is still less than just the cost of building fossil fuel plants — and by as early as 2027, the cost of building wind and solar fields will even often be less expensive than just running current coal and gas generators.
The common myth that “solar power is expensive” is officially debunked with clear data showing exactly the opposite. Not only is it now the world’s cheapest form of electricity, but qualified homeowners and business owners can save money every month when they get a system installed on their roof or property. There are additional incentives available for purchased systems.
What would you do with some extra cash in your pocket? Save up for a new car? Take your family on vacation? Pay down that credit card bill? Maybe within a few years you can finally install the pool in your backyard … the possibilities are endless!