Solar energy for engines 24/7
Solar energy will soon be running engines 24/7
Just as Thomas Edison said in 1931: “There’s enough solar energy hitting the earth every hour to replace all energy sources used globally in a year.”
But only 1% of energy used comes from the sun? Solar power is growing.
This green energy will soon be running engines 24/7. It will generate both power and air conditioning.
Solar energy is cost competitive with fossil fuel
Two useful facts provided about costs per kWh for large utility scale projects currently.
- Today, energy contracts for solar energy in the U.S. are coming in at $0.05 per kWh or less in sunny locations, which is competitive with the costs to generate electricity from fossil fuels. In the U.S., Australia, India, and Africa, sun power developers are winning against fossil fuels and nuclear power on a cost basis.According to investment bank Lazard, between 2009 and 2014, the cost of an industry-leading utility-scale solar power plant has fallen more than 50% from 8.7 cents per kWh in 2009 to 4.3 cents per kWh in 2015.
- First Solar (NASDAQ:FSLR) is one of the leaders in building these large solar power plants and its CEO says costs will be below $1 per watt fully installed by next year. As recently as 2011, when the Sunshot program’s $1 per watt goal was announced, this seemed impossible.
This green power is no longer just about saving the environment. It’s about saving money and lowering the impact of rising commodity costs in countries around the world. Subsidies like feed-in tariffs and tax benefits are rapidly dying or being phased out (as is happening world wide), but the industry continues to grow regardless.
World’s most abundant energy source
There’s enough solar energy hitting Earth every hour to replace every barrel of oil, every lump of coal, and every other energy source used on earth for an entire year.
Read that again — There’s enough solar energy hitting the earth every hour to replace all energy sources used globally in a year. If that’s not a resource investors should pay attention to, I don’t know what is.
This is an energy source that’s here to stay.
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