Solar Panels Finally Cheaper Than Fossil Fuels

According to the World Economic Forum (WEF), 2016 is the first year in history where installing solar panels has become cheaper than coal, natural gas and other fossil-fuel based energy sources.

In more than 30 countries, solar and wind is now the same price or cheaper than its fossil fuel alternatives. According to Mike Drexler, leader of infrastructure and development investing at the WEF, “Renewable energy has reached a tipping point. It is not only a commercially viable option, but an outright compelling investment opportunity with long-term, stable, inflation-protected returns.”

 

It’s been known for quite some time that alternative, renewable energy is safer for the environment than fossil fuels. Since it was previously more expensive to switch, many people have been reluctant to give up their old power usage habits. Positive news like this provides hope that not only is it ecofriendly to switch to solar – it’s alarmingly affordable. As solar becomes more and more well-known and used, the price will likely go down even more.