New Solar Milestone Has Big Consequences

Solar power has become incredibly cheap to generate, and that makes it more likely that the world will continue to move away from fossil fuels, even as America withdraws from the Paris Climate Accord.A deal signed late last month marked a new milestone for American solar power. NextEra Energy signed a contract to sell solar energy to Tucson Electric Power for less than three cents per kilowatt hour (the way that electric companies measure the cost of electricity), according to a press release from Tucson Electric Power. That’s less than half what the company has paid for similar contracts in recent years, and it appears to be a new record for the U.S.

“This price is a bit of an eye-opener,” said Barry Perry, the CEO of Fortis, which owns Tucson Electric Power. “There’s been a dramatic decline in the cost of the panels and efficiency in how we construct these assets.” Perry discussed the company’s growth plans in an interview with Barron’s Next on Monday.

via New Solar Milestone Has Big Consequences – Barron’s