Solar is becoming the cheapest form of new energy

Green Energy

A recent report from Bloomberg New Energy Finance has found that solar power is becoming the cheapest form of new electricity in global energy markets.
 
Solar power offers many benefits for Australian companies. 
 
In the past, solar was eclipsed by wind, coal and gas, but due to huge investment from a range of projects, unsubsidised solar is outpacing nearly all competitors. As solar continues to take the lead as a cost-effective form of renewable energy generation, Australian organisations are continuing to invest more and more in solar projects.

Solar power is becoming the cheapest form of new electricity in global energy markets

Solar power is becoming the cheapest form of new electricity in global energy markets


Emerging markets making the most of cheap panels
 
While very few business leaders and energy experts doubted that solar would one day be the world's leading energy source, few could have predicted the speed at which costs have fallen. The Bloomberg report shows that solar is now valued at US$1.65 million per megawatt produced, as compared to wind's US$1.66 million.
 
"Solar investment has gone from nothing - literally nothing - five years ago to quite a lot," said Ethan Zindler, head of U.S. policy analysis at BNEF. "A huge part of this story is China, which has been rapidly deploying solar."
 
The transformation in the global energy market offers Australian organisations opportunities to save in 2017. By taking advantage, businesses not only have the potential to lower overheads, but also meet regulatory requirements for clean energy.
 
Out with the old and in with the new
 
Coal took centre stage last year due to election promises made by President Trump. However, what many have failed to see is the huge contracts that have been offered to generators of cheap solar power in the last year.
 
In January 2016, a contract was struck in India to produce electricity for US$64 per megawatt hour, while in Chile a deal was reached to produce electricity for US$29.10 per megawatt hour. These solar contracts offered energy production at half the price of competing coal-based energy suppliers. 
 
Renewable generation solutions, in the form of solar power, are undercutting fossil fuel prices all over the world. For organisations looking to reduce their reliance on costly and often volatile grid prices, choosing solar is clear as daylight. 
 
However, knowing the outcomes of turning to solar and the feasibility of your project demands expertise in the area of renewable generation solutions.
 
This is why so many companies turn to Vector Energy to help ensure a high return on investment is achieved. If you would like to know more, make sure you talk to an expert today.