As the global warming situation in the world continues to rise year over year, researchers and major companies are taking significant steps to switch to renewable sources of energy for operations. Amongst others, solar-powered technologies have seen a massive boost in the recent past, and as a result, the cost of solar power has dropped much faster as compared to what experts predicted earlier. Let’s take a look at the details right below.
According to a meta-analysis report titled “Empirically Grounded Technology Forecasts and the Energy Transition,” the cost of installing solar power was predicted to fall at an average rate of 2.6% each year since 2010. In fact, multiple experts predicted that the average cost-reductions of solar power would only go up to 6% YoY.
