The dramatic decline in the cost of solar power — a 90 percent cost reduction over the past two decades — has become a fairly old story. Less well known and perhaps more relevant is that power derived from sunlight has become the least expensive option for adding new power in every U.S. state, as well as in Canada, China and 14 other countries.
That is the analysis from Wood Mackenzie in its latest report, Total eclipse: How falling costs will secure solar’s dominance in power, making the solar power industry “highly investible” because of its growing ability to meet both economic and policy goals.
Wood Mackenzie research director Ravi Manghani put it this way: “As the world strives to recover from the economic slump caused by the COVID-19 pandemic and simultaneously meet the climate and environmental goals of the Paris Agreement, solar is uniquely placed to advance efforts toward a low-carbon, sustainable future.”
Despite the COV
