Bloomberg: Solar and Wind Cheapest Sources of Power in Most of the World

According to this article in Bloomberg: Solar and onshore wind power are now the cheapest new sources of electricity in at least two-thirds of the world’s population, further threatening the two fossil-fuel stalwarts — coal and natural gas.

Currently running at $44 a megawatt-hour, electricity from onshore wind projects has fallen 9% since last summer, and the levelized cost of energy in solar projects declined 4% to $50 a megawatt-hour.

“Best-in-class solar and wind projects will be pushing below $20 per megawatt-hour this side of 2030,” Tifenn Brandily, an analyst at BNEF, said in a statement. “There are plenty of innovations in the pipeline that will drive down costs further.”

Add on top of this the fact that most of the world governments are trying to fight climate change, and are providing subsidies for renewables as they are good for society.

This really is going the right way; decarbonizing the entirety of the world’s electric grid is no longer a fantasy.