Several agencies, from the U.S. Department of Energy’s National Renewable Energy Lab to the International Energy Agency, all confirm this rapid decline in costs. Capacity for solar is doubling, causing the supply chain to be lower for bank loan premiums and manufacturing capacity in the solar energy space. Now with Tesla’s gigafactory opening the cost of batteries is also expected to drop for electric vehicles and home battery systems.
China also plans to invest over $360 billion on renewable energy and fuels to help decrease the smog issues the country is currently experiencing. Unsafe, coal-fired power plants are currently suffocating the country’s air supply.
