Solar energy and storage now cheaper than coal

From The Motley Fool:

The energy revolution is here. Solar plus storage can now compete with coal and other fossil fuels on its own.

There’s no question wind and solar energy are now competitive with fossil fuels around the world on a per-kilowatt-hour basis, but they still face the challenge that they’re intermittent sources of energy. The sun won’t provide energy to make electricity at night and wind turbines only generate electricity about half the time, at best. For now, natural gas or another fossil fuel is needed to fill in any gaps in electricity supply.

What may change that narrative is energy storage. If energy storage can cost-effectively fill the gaps in wind and solar’s energy production, renewable energy could be a 24/7 energy source and compete directly with fossil fuels in wholesale markets. An analysis by investment bank Lazard says we’re already there.

Read more at The Motley Fool
Read the Executive Summary of the Lazard Levelized Cost of Energy Analysis (pdf)
Download the full Lazard Report (pdf)

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