Solar power will equal the price of electricity from baseload sources such as coal and gas earlier in New York, London and Munich than it will in sunnier locations such as Johannesburg, according to the Centre for Climate Finance and Investment at London's Imperial College. Using a new model, it found that the sunnier locations would be hampered by existing low energy prices and the higher cost of capital. The study also suggests that solar is likely to displace fossil fuels more quickly than previously thought.
Solar power will equal the price of electricity from baseload sources such as coal and gas earlier in New York, London and Munich than it will in sunnier locations such as Johannesburg, according to the Centre for Climate Finance and Investment at London's Imperial College. Using a new model, it found that the sunnier locations would be hampered by existing low energy prices and the higher cost of capital. Residential solar PV will achieve grid parity in five of the cities studied by 2030, it said.