Cost cutting solar

How will the US cut the cost of solar energy?

The US Department of Energy (DOE) announced yesterday that it intends to “cut the cost of solar energy by 60% within the next 10 years, in addition to nearly $128 million in funding to lower costs, improve performance, and speed the deployment of solar energy technologies.”

Will the DOE cut solar power costs by 60% by 2030?

The DOE aims to cut utility-scale solar power plant costs by 60% by 2030, according to a new cost-reduction target announced by the agency earlier today (March 26, 2021). In order to help the price-reduction trend move along, the DOE is committing another $126 million into wide-ranging pathways to lower costs.

How much will new solar energy initiatives cost?

$128 million in new solar energy initiatives will reduce costs, improve performance, and speed deployment of new solar technologies.

How much does solar cost?

The cost of solar has been falling for a long time. "Over the last decade, prices have come down by over 50% in the residential space," Rumery said. Considering Solar Panels? The average cost of a rooftop solar system now hovers around $25,000.

How much will solar cost in 2030?

To that end, DOE is accelerating its utility-scale solar 2030 cost target by five years – setting a new goal of driving down the current cost of 4.6 cents per kilowatt-hour (kWh) to 3 cents/kWh by 2025 and 2 cents/kWh by 2030.

Should solar power costs go lower?

Solar power costs have dropped to a record low — for the world, in all of history. However, we need them to go lower. Solar power costs have been coming down for decades. That long and significant trend has already led to solar power becoming the cheapest option for new electricity in the world — in the history of the world.