In nearly 60 countries, solar power is deemed the cheapest source of energy power

It is now official that solar power is recognized to be the cheapest source of energy power in countries with low income, providing companies and governments to let go of the coal and gas in exchange of renewable energy.

 Bloomberg New Energy Finance or BNEF provided a data that shows that in 2016, the average solar energy price in nearly 60 countries declined per megawatt to $1.65 million, with wind energy source at $1.66 million per megawatt.

Megawatts and kilowatts are actually units of power and they rate the energy consumed by a house or facility. The price per megawatt was derived from the average prices of the 58 emerging markets of renewable energy, including the countries of China, Brazil, and India.

This means that renewable energy is definitely is beneficial and attractive method for future power plants of companies worldwide. Ethan Zindler, BNEF analyst informed Bloomnberg’s Tom Randall that solar energy used to be nothing until five years ago when started to be something great. China played a big role in having solar energy recognized all over the world.

 In 2017, China provided an investment of $103 billion for solar projects, while the US invested only $44.1 billion, Japan invested $36.2 billion, and the UK for $22.2 billion.

Solar prices have fallen at auctions where there are private firms who are bidding against one another for huge contracts for electricity.

 Michael Liebreich, BNEF chairman stated that renewable energy is on the verge of cutting the diesel or petron or gas industry. Solar power is advancing, especially because it can reduce equipment cost, new home batteries model from Tesla, increasing investment, and improved policies on clean energy.

 All over the world prices vary and so solar may not be the cheapest power anywhere, since the cost depends on many factors like sunshine accumulation, existing energy agreements, and government subsidies. Solar power is advantageous in developing countries, together with renewable energies which is the major source of power capacity globally.

 Though it is impossible to eliminate fossil fuel overnight, companies all over the world are hopeful that in time, the solar and renewable power energy can surpass the fossil fuel and can help in the reduced pricing, much more effective technology, and positive government commitments that can alter the landscape of the world’s energy for the better.

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