Solar Power to Pass Fossil Fuels in Investments

While we might not quite be at grid parity for solar power compared to other energy sources, when it comes to investments, solar power is passing other resources at an impressive pace.

Solar power is an impressive renewable energy resource

Calculations by Bloomberg New Energy Finance show that investments in renewable energy are surpassing fossil fuels for the first time in new power plant investments. Consider this: electricity from the wind, sun, waves and biomass drew $187 billion last year compared with $157 billion for natural gas, oil and coal. All this results in lower materials and equipment costs.

Last week, Bloomberg New Energy Finance reported that renewable energy investments, like those in solar power, are projected to double over the next eight years and reach $395 billion per year. While it is not yet enough to stabilize emissions and control climate change, it is still a step in the right direction.

What do you think about solar power passing fossil fuels in investments?

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