Solar Power: The World’s Cheapest Source of Electricity

Solar Panel InstallationAs the world looks to new, alternative means of generating power, companies are betting on solar power to drive the future of power grids all over the world.

For the first time in a very long time, the odds are starting to look up in their favour.

A Bright Transformation

Renewable, sustainable energy has always been the way of the future — at least in one where people no longer have to worry about contributing to the planet’s destruction with every appliance they plug in. Before the advent of mass-produced solar panels, many small areas around the globe depended on wind energy to provide electrical power that is clean as it is sufficient.

But, wind power always leaves companies and the governments investing on it wanting, especially since its primary means of generating electricity is not present everywhere, at least a volume that is enough to keep those turbines spinning. Left back where they started, the world’s greatest engineers and environmentalists rallied behind a new way of supplying clean energy: solar panel installation.

Best of all, countless institutions around the world are getting on board, and it shows.

Seeing the Light

“Solar investment has gone from nothing—literally nothing—like five years ago to quite a lot,” said Ethan Zindler, head of U.S. policy analysis at Bloomberg New Energy Finance (BNEF). “A huge part of this story is China, which has been rapidly deploying solar” and helping other countries finance their own projects.

This is a significant factor in the recent turning point for renewable energy, where companies are beginning to see greater value in making the shift to clean power sources compared to sticking with conventional means of generating electricity.

“Renewables are robustly entering the era of undercutting” fossil fuel prices and “will beat any other technology in most of the world without subsidies”, says BNEF chairman Michael Liebreich said in a note to the organisation’s clients.