Renewable Energy Breakthrough: Solar Power Costs Plummet

Solar power costs have plummeted by 73% over the past decade, making it a more viable option for individuals and businesses. The cost of solar panels has fallen from $3.50 per watt to just $0.96 per watt, making it a more competitive and sustainable energy source.

### The Solar Revolution

The solar industry has seen rapid growth in recent years, with the global solar market growing by 23% in 2020 alone. This surge in demand has driven down costs, making it more affordable for consumers to switch to renewable energy. In the United States, the average cost of solar panels has fallen by 64% since 2010, with the cost of solar electricity decreasing by 69%.

### Cheaper Solar Panels, Cheaper Electricity

The decreasing cost of solar panels has a direct impact on the cost of solar electricity. With the cost of solar panels falling, the cost of solar electricity has decreased significantly. In 2020, the average cost of solar electricity was 4.2 cents per kilowatt-hour (kWh), down from 7.1 cents per kWh in 2010. This makes solar energy more competitive with fossil fuels, which is driving its adoption.

### The Future of Energy

As the cost of solar energy continues to fall, it’s expected to play an increasingly important role in the global energy mix. In 2020, solar energy accounted for 3.2% of global electricity generation, up from 0.2% in 2010. As the cost of solar energy continues to fall, it’s likely to become a major player in the global energy market, providing a clean and sustainable source of power for homes, businesses, and communities.