Did you know that solar energy will get exceptionally cheaper over the years? Based on the Bloomberg New Energy Finance’s (BNEF) annual report, energy costs will dip significantly in the near future, especially solar. It will attract maximum global investment in the next 25 years or so. Solar is also expected to be the most affordable source of energy in several countries, including the United States, in the next 15 years.
While energy from fossil fuels is expected to produce $2.1 trillion in terms of investment, in case of renewable energy it is likely to generate a whopping $7.8 trillion. Out of this, solar will account for about half of the investment. According to the BNEF report, solar PV system cost is expected to drop by 60 percent by 2040.
The low cost of PV systems will encourage more people to install solar panels to an extent that it may account for almost 43 percent of the new power generation between now and 2040. As per the BNEF report, 15 percent of global electricity will be generated from solar PV systems by 2040. People and commercial establishments would invest approximately $135 billion in solar every year.
Solar will be the most dominant source of power generation in the next 30 years. It’s clean and will become surprisingly cheaper in the years to come. So, if you want to switch from traditional electricity to solar power, contact us right away.