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[Forecast] Solar Power Costs Will Drop By 71% In 2050
- Jun 28, 2018 -

According to BNEF, the cost of wind power will continue to drop by 58% in 2050, the cost of solar power will fall by 71% in the same period, and the global PV price will be $25 per megabyte. Renewable energy can supply 87% of European electricity and 75% of India's electricity. India's price has reached a record low and will continue to be the lowest price country for solar and wind energy.

"Solar energy and wind energy have won competition with cheap electricity." BNEF points out. Compared with other regions, the use of renewable energy in the United States will be relatively moderate, only 55%, while China will be 62%.


The explosion of battery demand

Battery storage is still an integral part of achieving high penetration of renewable energy. By 2030, BNEF expects battery prices to drop to $70 per kilowatt hour.

As more renewable energy is incorporated into the grid, batteries will be responsible for more load balancing, and the decline in battery costs makes it possible for energy storage to be connected to renewable energy in a wide range.

The cost of solar power generation will fall by 71% in 2050


But at the same time, BNEF suggested that the power of the battery is still limited in its time range. "We think batteries can bear part of the pressure, but not all."

"What else can we do to help renewable energy go deeper?" This is where natural gas appears, especially in areas such as the United States, which is now cheap, rich in reserves and can provide a "balance" for batteries and renewable energy.

Nonetheless, the consumption of natural gas will not increase significantly because the factory operates at a low frequency and has low capacity or only calls for peak demand.

Looking forward to the future, energy transformation is still a topic that we can not get around. Even if renewable energy may not reach higher permeability, coal will be the biggest loser in the energy transformation, and its electricity consumption is expected to reach its peak in the next ten years. The same is true of nuclear energy in the United States. BNEF predicts that the next two kinds of energy will "disappear almost from the electricity portfolio".