After substantial investments in recent years, coupled with advancing technology and diminishing installation costs, solar power is now beginning to lead the way as the most cost-effective, clean energy solution on the market.
According to a report issued by the World Economic Forum (WEF), the cost of solar energy is now lower than that of fossil fuels, and has even dipped below the cost of wind-powered energy production. This of course, can have significant implications for consumers as well as the potential beneficial impact on the environment. Having achieved this milestone in cost-reduction, there is every reason to believe that solar power will continue to be the very best green energy solution, and will become even more commercially appealing, with the outlook for long-term, stable pricing.
What’s driving lower costs
Ethan Zindler, who is an analyst for the Bloomberg New Energy Foundation (BNEF), declares that solar investment has gone from virtually nil five years ago, to reach an enormous level today. For instance, China has invested a staggering $103 billion to develop its solar power industry, and that figure represents a greater total than Japan, the UK, and the US combined.
This kind of enormous global investment has driven lower prices on equipment costs, installation costs, costs of clean energy policies, and a significant increase in solar capacity figures for many countries of the world. The United States for instance, has boosted its solar capacity to approximately 9.5 GW, while residential and commercial installation throughout the country has now risen to 1.7 GW.
Outlook for the future
Anyone taking even a casual look at the global energy picture will be able to see that solar energy is rapidly overtaking fossil fuels as the energy source of choice, for all the reasons related to its greater economy and more benign impact on the environment. This is not to say that fossil fuels will be replaced anytime soon, but the availability of this more appealing alternative will continue to make inroads on what was once a fossil fuel stranglehold on the energy industry.
Within the next decade, solar energy costs will drop to about half the cost of coal-generated electricity, and as that ratio continues to favor solar energy even more, the advantages of solar energy will become inescapable. Looking far down that path, it becomes possible to see a greater, more energy-efficient Earth, with far less pollution and far lower consumption of non-renewable energy sources.
Southern California solar power
In southern California locations like Orange County, LA, and riverside, your source for clean, inexpensive solar energy is the Solar Energy Exchange, where you can have a full installation of your own solar energy system for no money down. Then you can join the movement toward using cleaner, more affordable energy and helping to save our environment.