Latest research shows that the levelized cost of electricity
from solar PV, which is now almost a quarter of what it was just in 2009, is
set to drop another 66% by 2040. By then a dollar will buy 2.3 times as much solar energy than it does today.
Solar is already at least as cheap as coal in Germany, Australia, the U.S.,
Spain and Italy.
By 2021, it will be cheaper than coal in China, India, Mexico, the U.K. and Brazil as well.
China and India are a $4 trillion opportunity for the energy sector. China and India account for 28% and 11% of all investment in power generation by 2040. Electric vehicles bolster electricity use and help balance the grid. In Europe and the U.S., EVs account for 13% and 12% respectively of electricity generation by 2040. Charging EVs flexibly, when renewables are generating and wholesale prices are low, will help the system adapt to intermittent solar and wind. The growth of EVs pushes the cost of lithium-ion batteries down 73% by 2030.
By 2021, it will be cheaper than coal in China, India, Mexico, the U.K. and Brazil as well.
China and India are a $4 trillion opportunity for the energy sector. China and India account for 28% and 11% of all investment in power generation by 2040. Electric vehicles bolster electricity use and help balance the grid. In Europe and the U.S., EVs account for 13% and 12% respectively of electricity generation by 2040. Charging EVs flexibly, when renewables are generating and wholesale prices are low, will help the system adapt to intermittent solar and wind. The growth of EVs pushes the cost of lithium-ion batteries down 73% by 2030.
Coal-fired power collapses in Europe and the U.S., continues to grow in China, but peaks globally by 2026. One of the big questions for the future of electricity systems is how large amounts of variable wind and solar generation can be accommodated, and yet keep the lights on at all times.
Skeptics worry about ultra-cheap renewables depressing power prices and squeezing out base-load coal, gas and nuclear plants.
But smart charging by electric vehicles during day time, small-scale battery systems in business and households, plus utility-scale storage on the grid, playing a big part in smoothing out the peaks and troughs in supply caused by variable wind and solar generation.
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