The cost of solar generation, which has fallen more than 60 percent since 2009, is projected to drop another 40 to 60 percent by 2025. That will make solar power the cheapest form of energy almost everywhere in the next decade. Low costs are creating a “Wal-Mart effect” across the solar supply-chain, says Sami Khoreibi, CEO of Enviromena Power Systems in Abu Dhabi, as low margins are offset by a higher-volume of projects.
Recent solar projects have already beaten out coal in the United Arab Emirates and Chile. By 2030, solar will be cheaper than coal in China — the world’s biggest carbon emitter but also the driver of cheap solar technology for the rest of the world.
Photo credit: ACERA