For the first time, solar power has become the cheapest way to produce renewable energy in the world before the wind, according to the Bloomberg New Energy Finance Statistics (BNEF) published last Thursday.

In addition, solar is increasingly competitive with coal and gas in individual projects, 2016 was the first time that renewables outperformed fossil fuels on a large scale, and new solar projects are also proving to be cheaper than new wind projects, as shown in Climatescope.

It is in electricity auctions, where private companies bid for large electricity contracts, that solar energy prices go from record to record. A contract at the start of the year was $ 64 per megawatt hour in India, while, under the same conditions, $ 29.10 is paid.

The cost of solar power in 58 developing countries has fallen to about a third from the cost in 2010, with China in particular developing a record number of solar power projects, while helping to finance many more underway. of road. of the world. And as we reported a few days ago, solar power “has proven to be a godsend for remote islands like Ta’u in the South Pacific.”

In fact, Ta’u was able to completely abandon the use of fossil fuels and produce its energy almost exclusively with renewable energies.

“Investing in solar power came out of nowhere, literally nothing, at most, five years ago,” said Ethan Zindler, director of US policy analysis at BNEF.

Unsurprisingly, developing countries are at the forefront, having invested in renewable energy to avoid the catastrophic effects of climate change at a faster rate than rich countries.


Picture: Bloomberg New Energy Finance.