Green Energy

The plunging cost of solar PV and battery storage has opened up a new frontier in the transition to green energy, according to a new report, with cities and industries around the world now able to access low cost, 24-hour solar generation.

According to the UK-based energy think tank Ember, the combined cost of solar and battery storage has fallen 22 per cent in the last year alone (see graph below).

“This is a turning point in the clean energy transition,” says lead analyst Kostansta Rangelova. “Around-the-clock solar is no longer just a technical possibility and distant dream, but an economic reality.

“It unlocks game changing opportunities for energy-hungry industries like data-centres and manufacturing. Solar will be unleashed. The change is new – the costs and quality of grid batteries have improved so much in the last 12 months. Now it’s time for policy and investment to catch up.”

The concept is not entirely new. Some of leading investors, such as the Australian-based Quinbrook Infrastructure Partners, have already identified the combination of solar and battery storage as a winner, particularly for large energy users in Australia.