The cost of solar power has fallen by 87%, and battery storage by 85% in the past decade, according to a new study – here’s why.
Berlin-based scientific think tank Mercator Research Institute on Global Commons and Climate Change (MCC) has released a new study in the journal Energy Research & Social Science in which the researchers compared the corresponding findings from innovation reports with the standard model-based scenarios on climate transition. They found that despite the ongoing use of fossil fuels and biomass in the near future, clean energy is ultimately going to change the energy game.
One of our solar installs in Hounslow (Image: Tanjent)
The study focuses on solar and battery storage, but the researchers note that wind power, heat pumps, and other clean technologies are also seeing a sharp drop in prices, too.
Technological advances are making solar and battery storage smarter and more efficient. Globally, production of solar components and battery storage are being ramped up commercially, and that’s being spurred on by both private and public financial backing and government policy support in response to the global effort to limit global warming to well below 2C. And as a result, the clean energy industry’s economy of scale is causing prices to plummet.
Read more: electrek
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