New reports say that solar energy will be a cheaper way to generate electricity than coal in most parts of the world by 2021. It is predicting to arrive much sooner than previously estimated. This could trigger a massive shift in the market that may drastically change the coal industry over the next few decades.
This study says, by Bloomberg New Energy Finance, total coal generation in the U.S. is estimated to be cut in half by 2040 and in Europe, the predicted drop is 87%. Researchers say that coal generation projects equal to the entire electricity production of Germany and Brazil stand to be canceled. The average price of solar energy, is expected to decline 66% between today and 2020. The cost of wind generation is also expected to drop 47% during that time, with offshore wind farms dropping 71%.
If the this report’s projections are correct, global greenhouse gas emissions could begin declining after 2026. Renewable energy sources are not expected to entirely displace coal. The report states that natural gas-based generation is predicted to grow by 16%. Gas, along with battery storage, will play a big role in filling the holes left by solar and wind generation, which are considered necessary energy sources because the sun isn't always out and shining and the wind isn't always blowing.
This analysis shows further doubt on the policy of the Trump administration, which has promised to revitalize the U.S. coal industry and also decided to leave the Paris Agreement to help climate change. Regardless, solar stocks have been been holding up well the Trump administrations push-backs showing that the administration is fighting forces much bigger than itself.
Our team is happy to educate you on the Solar LED process, the installation, and what to expect from our products. ClearWorld, with the use of its RETROFLEX® and other related game-changing alternative energy technologies and solutions, proves time and again vast benefits for the environment, economy, and society.
Changes coming to
the coal industry
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