The price drop in solar energy proves its growing dominance in Australia. Even solar plants are offering cheaper energy than its coal counterparts.

Solar Power Now Cheaper Than Fossil Fuel

A report from the Climate Council stated that in most of the capital cities in Australia, the price of solar is now cheaper than fossil fuels, dropping 58% in the past five years. Consequently, industrial-scale solar plants offer more affordable power than the established coal plants.

This is great news for everyone supporting renewable energy, solar power in particular. Solar, after all, is clean energy, unlike coal. Now that it is cheaper too, it could only mean we’ll be seeing more environment-friendly solar panels in households and businesses.

More good news for solar communities

Apparently, the current price drop is just the beginning of a new era for solar plants, investors, and consumers. The climate Council report predicted a further fall in cost. It will be a huge 40 per cent to 70 per cent by 2040. With a tremendous reduction in price, an uptake in usage is quite certain.

With these developments, global investments are also said to lean towards solar. The country will generate about 20 GW of solar power and it will account for a third of current energy usage in Australia. According to the report, this scenario will likely play in the next two decades.

Get ready for more solar plants

Now that solar is cheaper than fossil fuels, and even nuclear power, Australia will see more solar plants and other large-scale solar installations. Climate Council’s Amanda McKenzie confirmed construction of 20 new solar plants in the country.

Ms. McKenzie added that in the next few years, around 600,000 households will benefit from 3,700 megawatts of solar energy coming online. Solar batteries will share in the growth of solar panels. Its current figure of 7,000 installations is expected to grow thrice its number this year.

Worldwide, it’s all bright and sunny for the solar industry. Countries like the U.S., China, and Japan leading the efforts in solar technologies.