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Solar costs will keep tumbling by 10% each year
Source: EnergyZine
The cost of solar is expected to fall by 10 per cent every year, with the green energy anticipated to meet 20 per cent of global energy needs by 2027, a new study claims.
The forecasting model, created by Oxford University researchers and published in Elsevier’s Research Policy, argues that costs are falling so rapidly that the technology is likely to quickly surpass regular energy forecasts, while also stating that solar costs have been tumbling by 10 per cent since the 1980s.
The model, jointly developed by mathematics professor Doyne Farmer and economist Francois Lafond, draws on historical data from 53 different technologies, with the study focusing largely on past information, which the creators claim is in stark contrast to many contemporary forecast reports.
