New study shows solar is cheapest power option
A recent study by the Fraunhofer Institute for Solar Energy Systems, commissioned by Agora Energiewende, found that solar is set to become the most affordable power source across the planet by 2025. Conducted by a think tank of 18 solar experts, the report projected that the cost of solar power production will have fallen to 4 and 6 cents per kilowatt hour in central and south Europe by 2025, and as low as 2 and 4 cents in 2050.
Furthermore, the study was based on conservative assumptions about solar development, indicating the rate of savings could be even higher.
“The study shows that solar energy has become cheaper much more quickly than most experts had predicted and will continue to do so,” Dr. Patrick Graichen, Director of the Agora Energiewende, stated. “Plans for future power supply systems should therefore be revised worldwide. Until now, most of them only anticipate a small share of solar power in the mix. In view of the extremely favorable costs, solar power will on the contrary play a prominent role, together with wind energy — also, and most importantly, as a cheap way of contributing to international climate protection.”
Current solar power generation costs in those regions are between 5 and 8 cents per kilowatt hour.
The study also included data on North American, India, Australia and the Middle East, with similar cost savings rates across the board.
Seeing as the cost of solar power generation has already been falling at a steady rate, these predictions are easy to believe. However, they require further investments in the industry to support them. If you’re considering purchasing solar panels for your home, contact SolarMax Technology today for more information on reducing your electricity bill and carbon footprint today.
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