A recent study by Bloomberg New Energy Finance (BNEF) shows that costs worldwide illustrate an 18% improvement in the competitiveness of onshore wind and solar in the last year, and new and rapidly developing roles for batteries.
As a result, traditional fuels such as coal and gas are facing increasing threats regarding their viability as an economic source of power, largely caused by significant cost reductions and technology improvements, especially in the fields of solar power and battery technology.
BNEF’s recent report on the costs of electricity concluded that fossil fuel power is facing an unprecedented challenge. Solar power, in particular, has experienced falling capital costs, increasing efficiencies and improving efficiencies making the case for renewable energy even more compelling.
Use of the latest battery technology enables smooth power output and also the ability to regulate the timing of the power supply. Standalone batteries have proven to be cost effective.
It appears the days of fossil fuels are limited in comparison to that of clean, green, and very competitive alternative power options such as solar.