2017 Predictions of Coal Becoming More Expensive Than Florida Solar Power
As Florida solar power contractors, we are constantly searching for new information to help you understand more about our industry. For your next solar panel project, give is a call at 863-381-6083.
Did you know that last year coal was more expensive than solar power? We discovered a new update that will continue to have a positive impact on the green energy industry. According to the Huffington Post, the World Economic Forum last month provided a report mentioning that in 30 countries, solar and wind energy is well below the price of coal.
Green energy analysts predict that in the next decade, renewables will be a cheaper option for residential and commercial customers. A recent prediction by Bloomberg New Energy Finance states that in 2025, the solar energy around the world will be a cheaper option.
Cost Reductions and Countries Using Solar Electricity
In 2006, the cost was $600 per MWh for solar power electricity. In 2016 it costs $100 MWh for electricity when compared to natural gas and coal.
In the Provinces of Saskatchewan and Alberta in Canada, there are programs being established to support renewable energy this year.
Many people are unaware that it is cheaper to install $10,000 of solar panels than purchasing this amount of energy from the grid. Studies show that most energy firms are not taking advantage of green solutions although it is cheaper than traditional electricity. It means millions if not billions of dollars will be spent when an alternative solution is readily available.
Michael Drexler, the head of Long Term Investing for the World Economic Forum mentioned to the Insider, “Solar and wind have just become very competitive, and costs continue to fall. It is not only a commercially viable option but an outright compelling investment opportunity with long-term, stable, inflation-protected returns.”
THE REASON FOR THE COST DECREASE
Advanced technology is helping the industry to grow, and the economy of manufacturing has taken advantage of the solar boom for the past ten years. It is resulting in a boost of volumes and a decrease in margins.
From an environmental perspective, the investment can prevent catastrophic events that we see more often in the news with tragic stories around the world. If the news doesn’t surprise you, Saudi Arabia and Mexico are currently in the process of planning auctions to lower prices even more.
Coronado Solar are Florida solar power contractors that can discuss with you how solar power can be beneficial to the environment. Give us a call today!