Solar Has Beat Out Coal; Is Natural Gas Next?
Although 2019 is only a few months old, the massive shift in energy production from coal to renewables has been one of the year’s most telling stories. Thanks to the rapid decline in the cost of solar technology, especially regarding batteries, solar is now significantly cheaper than coal-powered energy.
In a recent report released by Bloomberg New Energy Finance (BNEF), researchers collected data from nearly 7,000 power projects in 46 countries, spanning 20 energy technologies, including coal, gas, nuclear, battery storage, solar photovoltaics (PV), and wind. The results showed that electricity prices “for onshore wind, solar PV and offshore wind have fallen by 49 percent, 84 percent and 56 percent respectively since 2010.”
Lithium-ion battery storage prices have dropped by 76 percent since 2012, but even more importantly, battery prices plunged by 35 percent last year alone. Today, solar and on-shore wind are the cheapest sources of bulk or primary power generation in most countries.
Solar and Wind Overcome Natural Gas for New Generating Capacity
As of January 31, 2019, new solar and wind generating capacity beat out natural gas and all other energy sources. According to the “Energy Infrastructure Update” report from the Federal Energy Regulatory Commission (FERC), “18 units of new solar capacity (631 MW) and four units of new wind capacity (519 MW) each beat new natural gas capacity (one unit at 465 MW) in January,” with no new capacity additions reported for any other energy sources.
According to the FERC, renewables, including solar, wind, biomass, geothermal, and hydropower, now account for 21.23% of total available installed generating capacity in the United States. Five years ago, the generating capacity for renewables was 16.24%, so renewable energy capacity has been increasing at a rate of about 1% per year.
Utility Scale Solar Plus Storage Is Cheaper Than Gas Peaker Plants
Natural gas peaker plants are those that are used to generate extra energy only during times when peak power is a concern, such as in the summer when every home has its air conditioning unit running. The problem with gas peaker plants is that they are only used during these peak times, roughly tens of hours per year. For the rest of the year, they sit idle and unused, but consumers continue to pay for them through their monthly gas bills whether they run or not.
By comparison, solar power provides most of its electricity during peak times, especially during the day in the summertime. Therefore, with solar power and storage seeing a dramatic reduction in costs, as well as an increase in battery capacity, solar is easily the preferred option for dispatchable power during peak usage times.
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