The cost of solar power has dropped nearly 90% over the past decade, reaching a critical point where it no longer needs energy from fossil fuels, according to a new study.
Calculations conducted by the Berlin-based Mercator Research Institute for International Cooperation and Climate Change (MCC) have shown that the price of electricity from solar panels has fallen by 87% since 2013 - the transition to renewable energy sources is cheaper. "Instead of renewable energy. Expected. ".
Falling prices for batteries and other renewable technologies will help accelerate the trend toward green energy and meet climate goals.
"Some calculations show that by 2050, the entire world's energy consumption could be fully and cost-effectively covered by solar and other renewable energy technologies," said Felix Kreutzig, who led the study.
"This is a very promising situation, but it shows that the future is open. The climate science that guides political decision-makers in shaping scenarios should reflect technical developments as accurately as possible.
The research was released following recent analysis showing that battery prices have fallen by nearly 10% in the past month.
Energy analysis firm Benchmark Mineral Intelligence said in August that the drop below $100 per kilowatt hour had pushed batteries past a "tipping point" that would bring electric vehicles (EVs) on par with fossil fuel vehicles.
Falling battery prices will not only accelerate the transition to electric vehicles, but will also be a big boost for renewable energy technologies like solar and wind turbines, which can be used to store excess energy when batteries are overproduced.
The cost of renewable technologies continues to decline as scientific advances make them more efficient and as raw material prices fall.
"Greenhouse gas emissions are now higher than ever and current measures are very weak, but in this difficult political environment, technological developments offer bright hope," said MCC. "Applied Sustainability Science" working group chair and one of them said Jan Minks. Leaders in the latest research.
"The new scenario models, some of which are beginning to be explored, may show in the near future that global climate change may not be as costly as previously thought and ultimately save money."
The research is detailed in a study published in the journal Energy Research and Social Science, titled "Technology Innovation Enables Cost-Effective Climate Change Mitigation."
