Solar is smart, we know this, and the world is increasingly becoming aware of this. Not only does adding solar panels to your home improve its value, but through generating your own power, you are able to save significant money each month on your energy bill. However, because of the way our current approach to energy is, gas and coal over a very short time frame are cheaper per Megawatt Hour.
This is rapidly beginning to change as solar is closing the gap in cost of energy at any given moment. Through innovation in solar technology, the energy that is being generated is being done so with increased efficiency and at a lower cost. Couple this with the increasing cost of gas and coal due to scarcity and weakening demand and you see the gap growing smaller.
Recently, Bloomberg New Energy Finance published the second half of Levelised Cost of Electricity Update for 2015. Within it, it reports that offshore wind farms, like the Germanic Ocean Wind Farm are able to compete directly in cost with gas and coal.
Additionally, the report indicates that the cost of energy generated from gas/coal has increased from $66 per MWh to $75. On the solar front, residential solar has continued its decrease in price per MWh from $129 to $122.
If this trend continues as it has over the last year, within two years solar will, at any given moment be cheaper per MWH than coal or gas generated power!