Fossil fuels ‘becoming obsolete’ as solar panel prices plummet

Sign up to our free weekly IndyTech newsletter delivered straight to your inbox Sign up to our free IndyTech newsletter Sign up to our free IndyTech newsletter SIGN UP I would like to be emailed about offers, events and updates from The Independent. Calculations by Berlin-based Mercator Research Institute on Global Commons and Climate Change found that the plummeting price of electricity produced by solar panels – down 87 per cent since 2013 – means the transition to renewable energy sources is “cheaper than expected”. “Some calculations even suggest that the world’s entire energy consumption in 2050 could be completely and cost-effectively covered by solar technology and other renewables,” said Felix Creutzig, who led the research. Energy analytics firm Benchmark Mineral Intelligence said the drop below $100/ kilowatthour in August took batteries past a “tipping point” that puts electric vehicles on a price parity with fossil fuel-burning vehicles. “New scenario models, some of which are starting to be explored, are likely to demonstrate in the foreseeable future that the global climate transition might not be as expensive as previously assumed, and may even be cost saving – provided it is finally tackled.” The research was detailed in a study, titled ‘Technological innovation enables low cost climate change mitigation‘, which was published in the journal Energy Research and Social Science.