Dive Summary:

• The price of solar panels fell by 50% in the last five years, graphs by Bloomberg New Energy Finance reveal.
• And it’s not just solar that’s getting cheaper and cheaper, but wind turbines have seen a 29% decline in price since 2008. Further, the price of storage technology is on the decline, with the lithium-ion battery cost dropping by 40% in just the last three years.
• As a result, renewables are becoming an increasingly disruptive force to conventional energy; while there is no immediate danger, utilities must prepare to evolve their business models as renewable energy penetration rises.

From the article:
“A common refrain, from skeptics to allies alike, is that renewable energy is a great idea, but not feasible because oil, gas, and coal will always be cheaper. Leaving aside the fact that fossil fuels are a finite resource and are the primary driver behind a warming planet, is it really true that renewable energy is more expensive?”