Prices for renewables to further drop until 2040
Climate reports prove: Fostering a clean energy development and promoting the growth of renewable energy sources are necessary steps in order to fight climate change and its effects on our environment whilst at the same time allowing for economic development. Governments and citizens worldwide are aware of this task, and the expansion of alternative energy solutions is taking place.The latest report of Bloomberg New Energy Finance “The New Energy Outlook 2016” showcases that the worldwide energy future looks green given the falling prices for renewable energy sources. However, it will be interesting to see, which effects this encouraging development will evoke.
“The New Energy Outlook 2016” shows that the prices for renewables are continuing to drop substantially until 2040. Wind and solar energy will become the cheapest ways of producing electricity in most parts of the world until the 2030s. This price trend is mainly due to the significantly increased demand in the last years, boosting the whole installation process and provoking a reduction of production costs and prices for the necessary technical equipment. The gained experience led to more efficient construction processes and consequently to cost savings and associated economy of time. Thus, solar PV costs will have dropped by 60 % by 2040. In line with the cost aspect, the higher demand for solar systems has also produced an improvement of quality and durability of photovoltaic projects. Consumers can rely on more efficient installations requiring lower maintenance efforts.
Solar rooftop installations offer a perfect way to produce clean energy.
According to the Bloomberg report, the upcoming price development in regards to solar facilities will further support the necessary transition process towards the use of renewable energy sources. Even in case the prices for coal and gas would also keep decreasing, zero-emission energy sources will represent 60 % of the worldwide installed capacity by 2040, states the report. Whilst not only the prices for large-scale installations, but also for rooftop and other smaller facilities will decrease, clean energy becomes even more affordable for every consumer who wants to switch to sustainable power generation.
This environment-friendly development will spur the solar market worldwide. Unlike businesses that only sell the components of solar energy installations, renewable energy companies such as The meeco Group offering all the services and turnkey solutions for a clean energy access are able to benefit from falling costs. The future price trend will enable more potential customers, such as private house owners and individual consumers aiming to utilise alternative power sources, to enter the renewable energy market. Investors interested in long-term and low risk investment will even more be attracted by the possibilities of the solar sector.
The sun2live solar power plant at the Antiguan airport contributes to the island’s sustainable development.
The meeco Group as one of the world’s leading companies in the renewable energy sector fosters the clean energy development with international projects supporting its clients from the planning stage until the implementation and operation of energy installations. For the future, we aim to further utilise the price trend in the solar sector and contribute significantly to fight climate change and enhance a sustainable development.
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