Entering into a new era of clean energy production, the previous few months have brought us increasingly low prices for the renewable energy source, and it has been claimed that these prices will stay low in the future.
Former Masdar Clean Energy director, Frank Wouters, claimed in a recent interview with Electrek that “there’s no reason why the cost of solar will ever increase again.”
In the space of just five months, solar power prices have decreased by 25%, particularly in recent construction bids on solar projects in China, whilst it’s been claimed that if governments continue to invest in this renewable energy resource, alongside innovators, as they have been, then these prices should stay at the same new low that we are currently experiencing.
The factors that have caused these low prices include a combination of decreased hardware prices for solar panel costs, and utilising the long sunlight hours around the world, including Abu Dhabi, which has some of the best sunlight exposure on the planet.
With other countries following suit, last year Costa Rica powered itself for 299 days using only renewable energy, with the help of the government making a serious effort to eliminate the use of fossil fuels throughout the country.
Similarly, Nevada, Chile and India, are all making efficient use of solar power as their main source of electricity.
A number of companies are also currently working on new innovative inventions for renewable grid storage solutions.
One that has been a huge success since it launched is the
Tesla Powerwall, which is a compact storage battery that was introduced last year and has since completely sold out. It is currently estimated to have already reached $1 billion in sales.
These batteries are designed as a source of backup power when the grid fails, or to be used in tandem with existing solar panels, during harsh winters or electricity failures.
Whilst more companies are inventing and manufacturing new ways to provide homes with electricity other than the excessive use of fossil fuels, the prices of these widespread inventions will continue to decrease, making renewable energy affordable for everyone (via TruthTheory).