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Solar Cost Hits World's New Low, Half the Price of Coal

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Solar Cost Hits World's New Low, Half the Price of Coal

Chile awarded a contract to sell solar power for $29.10 per megawatt hour (MWh), the lowest ever across the planet.

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This surpasses the record set in May of a $29.90 per MWh bid in Dubai for an 800 megawatt (MW) solar project.

"This is the lowest price ever seen, for any renewable technology," an analyst told Bloomberg. The low price is possible due to the rapid fall in cost of solar technology and the 12 MW solar plant's location in the ideal conditions of Chile's Atacama Desert.

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