Great news from the Bloomberg New Energy Finance (BNEF) that states that the solar power has become the cheapest energy in almost 60 countries.
According to the BNEF, in these countries, the cost of the solar power is of US$1.65 million per megawatt during 2016, just below the wind at US$1.66 million per megawatt.
Bloomberg provides an interesting chart where it shows how the cost of the solar power has become less than the wind in 58 countries China, India, and Brazil (that’s a big chunk of the worldwide population).
The rise in investment
BNEF analyst Ethan Zindler commented
“Solar investment has gone from nothing … five years ago to quite a lot. A huge part of this story is China, which has been rapidly deploying solar.”
“Renewables are robustly entering the era of undercutting [fossil fuels]” commented BNEF chairman, Michael Liebreich.
Why the solar power is not the cheapest anywhere
Even if it seems more and more that the solar power will be a leading energy, so far it is not the cheapest in every country because it depends on various variables such as sunshine availability, the energy contracts in place, and what government subsidies.
Still a lot to do, but on the right path.