BNEF expects solar energy costs to drop 66% by 2040

British market research company Bloomberg New Energy Finance (BNEF) published its latest New Energy Outlook and revised its own forecasts from previous years. The New Energy Outlook 2017 foresees, among others, $7.4 trillion to be invested in new renewable energy plants out of a total of $10.2 trillion to be invested in new power generation worldwide. According to BNEF, wind and solar energy will provide 48 percent of the world’s installed capacity and 34 percent of electricity generation in 2040. By 2021, the analysts expect solar’s levelized costs of electricity (LCOE) to be cheaper than coal in China, India, Mexico, the U.K. and Brazil. From now on, solar LCOE will drop a further 66 percent by 2040.

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