Renewable energy from wind and solar is now cheaper than from coal, gas, and nuclear. This is a game-changer. Not only is renewable energy better for the environment, it’s cheaper and more cost-effective.
The cost of producing one megawatt-hour of electricity — a standard way to measure electricity production — is now around $50 for solar power, according to Lazard’s math. The cost of producing one megawatt-hour of electricity from coal, by comparison, is $102 — more than double the cost of solar.
Renewable energy, including wind, hydro, and solar, supplied a record 12% of the world’s energy needs last year.