A study by the Mercator Research Institute on Global Commons and Climate Change (MCC) has revealed that over the past decade, the cost of solar power has decreased by 87%, and battery storage costs have dropped by 85%. These significant price reductions suggest that the global transition to renewable energy sources, particularly solar power, could be more affordable and feasible than previously thought.
The study proposes that advancements in solar technology and energy storage, along with increased production and economies of scale, could potentially cover the world’s entire energy consumption by 2050 in a cost-effective manner. Factors contributing to these cost reductions include improved solar panel efficiency, government incentives, the popularity of electric vehicles (EVs), and advancements in battery technology, particularly lithium-ion batteries. As a result, solar power and energy storage are expected to continue becoming more affordable, contributing to the fight against climate change.