Solar energy Is now cheaper than coal
Clean energy has been a hot topic for over a decade. Many enjoy the idea of living in a world driven by ethical and responsible power, but the reality seems like a distant future. Large changes in structure and city planning will need to be made in order to accommodate the clean power ideal. And beyond logistics, the greatest obstacle seems to be the price tag. Can our cities really afford to make this change for the planet? Well, it turns out that not only can we afford it, but it’s costing us more to not make the switch. Today, almost 75 percent of electricity generated by coal-powered plants is more expensive than wind and solar energy alternatives.
Coal generation is at a crossroads in the United States, or more precisely at a “cost crossover.”
The cost of solar and wind power has been declining rapidly in recent years. The all-in cost of going solar is cheaper than the going-forward costs of power produced by existing coal plants. To clarify, that estimate includes the price of building new solar and wind facilities compared to simply continuing to use the coal-centric infrastructure that is already in place—and it continues to decline.
Today, renewables are the cheapest form of electricity generation in two-thirds of the world as reported by Bloomberg New Energy Finance (BNEF). To illustrate how rapid this transition has taken place, renewables were the cheapest new source of power in only 1% of the world just 5 years ago. According to the Guardian, wind and solar energy will be produced at a low enough price that they can replace 86 percent of the U.S. coal fleet with cheaper electricity by 2025.
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“Coal’s biggest threat is now economics, not regulations,” O’Boyle said while speaking to CNN Business.
Right now, Renewable energy currently accounts for only 17 percent of electricity generation in the United States—provided predominantly by wind and hydro energy, with solar power growing rapidly in the space. A clean energy future is on the way and it seems the shift is inevitable, which is a major win for the planet. All we need to decide is when we’re ready to join the revolution.