From Futurism · Joe Wilkins · · 1m 30s
Solar power just hit absurdly cheap prices
Solar panels now cost 12 cents per watt, down from $5-6 just 26 years ago, disrupting global energy markets.
In brief
Solar panels now cost 12 cents per watt, down from $5-6 just 26 years ago, disrupting global energy markets. Solar has become so inexpensive that it's outcompeting fossil fuels worldwide and overwhelming grids with excess clean energy. Originally reported by Futurism.
Solar just hit offensively cheap
Solar panels cost just 12 cents per watt today, down from $5-6 per watt 26 years ago. That's a 98% price drop in less than three decades.
“offensively cheap”
China flooded the market
A massive rise in Chinese solar panel production made renewable energy affordable for both wealthy and developing nations. China leads the world in clean energy installations.
Rural communities get instant power
In developing regions, solar access means homes can replace kerosene lanterns with lights 20 to 40 times brighter, available every day. This transformation happens at rock-bottom prices.
“a light that is 20 to 40 times brighter”
China's grid is drowning in power
China installed so much solar capacity that its grid can't use all the electricity being generated. The world leader in renewables now has too much clean energy.
“we've installed too much green energy”
Solar beats coal in the US
Photovoltaics produced more electricity than coal-fired generators for the first time in June, despite efforts to revive the coal industry. Solar is now the dominant source.
Spain pays people to use power
Spain's massive solar installations flooded the market with so much cheap electricity that customers now get paid to consume more power. Venture capital is fleeing the market.
The takeaway
Solar has become so inexpensive that it's outcompeting fossil fuels worldwide and overwhelming grids with excess clean energy.
