Bloomberg News, one of the pre-eminent business news sources in the U.S., is coming out with revised estimates on the outlook for renewables. These show that solar is taking over in a big way — faster than most of us thought just a few years ago.
A June 15 article lays out the premise pretty clearly with the title: “Solar Power Will Kill Coal Faster Than You Think.” A projection out to 2040 shows a clear tipping point at $60 per megawatt-hour in 2021 or 2022 — after which the cost of wind and solar rapidly decreases to under $40 per megawatt-hour around 2030, while the cost of coal rockets up above the $60 mark.
All of this, as Bloomberg points out, has big new ramifications for energy markets and climate change agreements. In a way, researchers are suggesting that the sustainable energy models we work so hard to promote are actually going to occur through market forces pretty soon, and that we can drop the ideas about U.S. industry clinging stubbornly to outmoded sources of energy 20 or 30 years from now. The article breaks down projected energy consumption by the biggest current customers of coal – U.S., China and India, and shows a world map projecting the U.S. solar costs will decrease 67% by 2040.
What does this mean for businesses and homeowners right now?
Well, we’re already in a place where the solar energy is a cost-effective way of modernizing systems. Homeowners can run major systems and even, in some cases, sell energy back to the grid, and as for businesses, commercial solar customers can apply for a Rural Energy for America Program or REAP grant or other government incentives to build solar into an enterprise model.
At SunDaySolar, we can help customers in the Central Virginia region to really take advantage of current savings right now, and build new systems that will save even more money later, when big oil and big coal suddenly become unfashionable. Ask us about the way forward to a solar future, and how your business or property can get there quickly and easily.
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