Solar power is becoming the cheapest way to generate electricity, according to leading analysts. Data produced by Bloomberg New Energy Finance (BNEF) showed the cost of solar in 58 lower-income countries – including China, Brazil and India – had fallen to about a third of levels in 2010 and was now slightly cheaper than wind energy. In August, an auction to supply electricity in Chile achieved the record low price of $29.10 (£23.30) per megawatt-hour – a record low price and about half the price of a coal competitor. “Renewable energy will beat any other technology in most of the world without subsidies,” Mr Liebreich said. A BNEF report, called Climatescope, found China, Chile, Brazil, Uruguay, South Africa, and India were the emerging markets most likely to attract investors in low-carbon energy projects. Solar power has proved a godsend for remote islands such as Ta’u, part of America Samoa, in the South Pacific. Once reliant on imports of vast amounts of diesel, it is now powered completely by 5,000 solar panels and 60 Tesla batteries.
Independent 16th Dec 2016 read more »