{"id":76248,"date":"2023-02-28T02:00:33","date_gmt":"2023-02-28T02:00:33","guid":{"rendered":"https:\/\/enterpriseam.com\/climate\/2023\/02\/28\/the-dropping-costs-of-installing-solar-spell-a-boom-for-generation-capacity\/"},"modified":"2023-02-28T02:00:33","modified_gmt":"2023-02-28T02:00:33","slug":"the-dropping-costs-of-installing-solar-spell-a-boom-for-generation-capacity","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/climate\/2023\/02\/28\/the-dropping-costs-of-installing-solar-spell-a-boom-for-generation-capacity\/","title":{"rendered":"The dropping costs of installing solar spell a boom for generation capacity"},"content":{"rendered":"

Solar power is currently on track to exceed the generation capacity of all other power <\/strong>sources within four years<\/strong>, the Financial Times<\/a> reports, citing the International Energy Agency (IEA). The renewable energy source has risen rapidly from the less than 1% share it held 10 years ago and is set to further accelerate, with solar accounting for nearly 60% of every power installation to be built in the next five years, IEA senior analyst Heymi Bahar is quoted as saying.<\/p>\n

What\u2019s been driving this meteoric rise? Falling costs and new emissions targets: <\/strong>Solar costs have plummeted over the last decade, the FT notes. The average unsubsidized lifetime cost to build and operate utility-scale solar in 2021 was USD 36\/ megawatt hour (MWh), compared to USD 108\/MWh for coal, USD 60\/MWh for gas, and USD 38\/MWh for wind, according to Lazard<\/a>. For solar, this represents a 90% decrease in cost since 2009, the FT notes. Ambitious global climate targets and policies \u2014 many accompanied by subsidies \u2014 have also contributed to solar uptake.<\/p>\n

OTHER STORIES WORTH KNOWING ABOUT THIS MORNING-<\/strong><\/p>\n