Less Costs, Faster Clean Energy

Rapid advancements and cost reductions in solar and battery technologies allow faster deployment rates of cleaner energy.

A new report from the Climate Energy Finance group notes a 20 percent drop in battery costs and a 37 to 46 percent drop in the price of Chinese panels, leading to a record installation of nearly 600 gigawatts of solar PV globally.

The clean energy transition is being supported by the creation of the world’s most extensive hybrid solar photovoltaic and battery energy storage system, which is currently in the works of the United Arab Emirates. The Masdar gargantuan is expected to become fully operational by 2027. These infrastructure advancements are leading to significant price cuts for clean energy; in some cases, solar and battery systems are now cost-competitive with fossil fuel gas generation, likely undermining fossil fuel generation within the next ten years. Indeed, these advancements are bringing about a global transition toward cleaner energy while prioritizing energy security and economic growth.