A new study suggests that solar energy will be more cheaper way than coal to produce electricity in most parts of the world by 2021.
The study, conducted by Bloomberg New Energy Finance, quoted by Fortune, reveals that total coal generation in the United States is estimated to be cut in half by 2040. Europe is expected to see an 87% drop in total coal generation, according to the study.
Researchers also expect cancellation of more coal-fired plants in the future. Experts anticipates the elimination of coal generation projects equal to the entire electricity output of Germany and Brazil.
Solar Energy Price Could Decline 66%
According to researchers, the average price of solar energy is expected to decline 66% between today and 2020. At the same, the price of wind energy generation is also expected to plunge 47% during that time, with the cost of offshore wind farms dropping by 71%.
In addition, the study casts doubt on the policy commitments of the Trump Administration, which has promised to revitalize the U.S. coal industry.
Furthermore, researchers project that gas-fired electricity generation is predicted to grow by 16% because solar and wind are considered “intermittent” energy sources – the sun isn’t always shining and the wind isn’t always blowing.