A new study by the Mercator Research Institute on Global Commons and Climate Change (MCC) indicates that affordable and eco-friendly solar power and battery storage have gotten much cheaper to install in the last 10 years — so much so that they might just be all we need by 2050, Interesting Engineering reports.

It’s an optimistic prediction but not unfounded. The Berlin-based climate research institute just released its study results, which showed that thanks to a growing industry and improving technology, there’s been an 87% drop in the cost of solar panels and an 85% drop in the price of battery storage.

Batteries and energy-storage sites are essential in a system that relies on clean sources like solar and wind for power since they only produce energy when there’s enough light or wind.

With the falling price of the solar panels themselves and the improved performance of solar power and battery storage, this means that the largest costs associated with solar energy have become almost 90% less costly, making it much easier for individuals, businesses, and governments to adopt the technology.

Solar Power and Battery Storage (Image: Tanjent)

Solis RAI AC battery inverter on the right, with batteries below and SolarEdge solar inverter on the left (Image: Tanjent)

“Some calculations even suggest that the world’s entire energy consumption in 2050 could be completely and cost-effectively covered by solar technology and other renewables,” Felix Creutzig, lead author of the study, said in a press release. Creutzig heads the MCC working group Land Use, Infrastructure, and Transport.

That’s the shortest time possible, and a full transition will probably take longer.

Read more: Yahoo

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