Solar now the Cheapest Source of new Power in Many Markets: WoodMac

Solar energy is now the cheapest way to add electricity in many markets across the globe, a new report released by Wood Mackenzie has revealed.

The cost of solar energy is expected to continue to decline and the market to expand even without the help of government subsidies and environmental initiatives, states the report.

Solar energy generation is now attractive based on price alone.

The cost of solar has dropped by 90% over the past 20 years and is projected to drop by another 15% to 25% by 2030.

Wood Mackenzie predicts that solar will become the cheapest source of new power in every US state, plus Canada, China, and 14 other nations by 2030.

Today, solar energy is already the cheapest form of new electricity generation in 16 US states, plus Spain, Italy and India. Even with the COVID-19 pandemic raging, global installations exceeded 115GW in 2020, compared to 1.5GW in 2006.