According to brand new data, the cheapest form of electricity in America today isn’t oil, nuclear power, or natural gas: it’s solar power!
According to data from Bloomberg New Energy Finance (BNEF), the cost of solar power in nations like China, India, Brazil and many others has dropped dramatically – about 1/3 of its price in 2010. To have made such significant progress in just six years shows the gigantic potential of this energy source.
We owe these significant price drops to heavy investments in the industry by China. As investments are made, the price is lowered significantly, making things better – and cheaper – for everyone else.
Environmentalists everywhere should be rejoicing as the most important step in switching to a new energy source has been overcome. Now, it should be simple and easy for companies and consumers everywhere to switch immediately to solar power, right?
Unfortunately, there are still major investments in the infrastructure required to turn an oil-dependent industry and nation over to an alternative energy source. But that isn’t the only thing stopping the world from switching to solar power.
There is also, of course, the major push from the fossil fuel industry which will fight tooth and nail to keep the truth about alternative energy sources from the public. The U.S., despite having the ability to heavily invest in alternative energies, continues to fight to criss-cross the countryside with oil pipelines instead.
But now when debating the issues of fossil fuels or altnerative energy, one of the pro-oil industry’s most salient points has now been erased. With each barrel of oil that the U.S. buys and sells, they are losing out on potential profits from switching to the newest most affordable energy sources.
You can read more about the advances in solar at Fortune.