A new report concludes that solar energy will be a cheaper way to generate electricity than coal in most parts of the world by 2021. That crossover point, predicted to arrive much sooner than previously estimated, could trigger a massive market shift that may drastically hamstring the coal industry over subsequent decades.
According to the study, which was conducted by Bloomberg New Energy Finance , total coal generation in the U.S. is estimated to be cut in half by 2040. In Europe, the predicted drop is 87%. Researchers project that coal generation projects equal to the entire electricity output of Germany and Brazil stand to be cancelled.
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Those drops are driven by more than the average price of solar energy , which is expected to decline 66% between today and 2020. The cost of wind generation is also expected to drop 47% during that time, …
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