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Solar power is going to kill fossil fuels faster than we thought

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According to the Bloomberg New Energy Finance outlook, solar power is becoming increasingly affordable and in just a few years it could be cheaper than coal and even natural-gas plants, almost everywhere around the world.

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The research group estimated solar already rivals the cost of new coal power plants in Germany and the U.S. and by 2021 will do so in quick-growing markets such as China and India.

This means that solar power is going to kill fossil fuels much faster than we have previously thought. And it is not just solar power that is becoming an increasingly cheap energy source. Even in developing countries, like China and India, solar power is expected to start providing cheaper electricity as soon as the early 2020s. “These tipping points are all happening earlier and we just can’t deny that this technology is getting cheaper than we previously thought,” said Seb Henbest, a researcher at BNEF in London and lead author of the report.

Even the cost of offshore wind farms are bound fall, the report concludes.

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The cost of offshore wind farms, until recently the most expensive mainstream renewable technology, will slide 71 percent, making turbines based at sea another competitive form of generation.

There's no doubt about it: renewable energy is the future!

Edited by simonleuf

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