Recently, Our World in Data published statistics about different prices of various types of electricity. It turns out that the price of solar electricity dropped by 89% in the last decade.
Our World in Data found that electricity generated from solar panels cost $359 per megawatt-hour back in 2009. 2019 it only cost $40 per megawatt-hour, Fast Company reported.
Something also noted in the report was that coal’s price has rather stayed the same during the last decade. 2009 the price per megawatt-hour was $111 and in 2019 it was $109.
This isn’t just a good thing for the environment, but for impoverished communities around the world. The increase in the use of solar power means more opportunities for electricity where there has been none. In addition, it brings necessary economic growth to areas in need of it.
For the fossil fuel industry, it’s all about the money after all. One of the main reasons fossil fuels are one of the main sources of energy is because they once were the cheapest alternatives. However, now that cleaner energy sources become cheaper we have yet a great reason to back away from fossil fuels and everything it leads to. And in doing so we take one step towards a brighter, better future - making it coming sooner.