By Brian Eckhouse, Bloomberg
Solar power and onshore wind power are now the cheapest new sources of electricity in the majority of the world’s population.
- The Levelized Cost of Energy for wind has fallen 9% and solar has dropped by 4%
- Prices are especially low in the U.S., China, and Brazil
- Improvements in the technology, lower equipment costs, and clean energy goals have made these renewable sources a serious threat to the fossil fuel industry
- It is unclear if the low prices of oil due to the pandemic will erode the competitiveness of wind and solar
The Climate Center works toward electrifying buildings and vehicles using 100% clean energy sources such as solar and wind to eliminate fossil fuel-based emissions.