Berlin-based climate research institute Mercator Research Institute on Global Commons and Climate Change (MCC) has released a new study indicating that, in the last decade, the cost of solar power has dropped by 87 percent, and the cost of battery storage by 85 percent.
“This is an extremely optimistic scenario – but it illustrates that the future is open. Climate science, which provides policymakers with guidance in its scenario models, must reflect technical progress as closely as possible. Our study is intended to provide input for this.”
Furthermore, as solar panels' efficiency increased, more sunshine could be converted into power, increasing its cost-effectiveness. Government subsidies and incentives are further promoting the use of solar energy in numerous nations. As battery technology has advanced, storage systems' lifespans and energy densities have increased, making them more cost-competitive.
Finally, the grid has been integrating energy storage technologies more and more, which offers advantages including backup power, load balancing, and peak shaving. Storage is becoming more economically viable because of this integration.
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