Solar Power is 54% Cheaper Than in 2013 📉

Key Takeaways

• Concentrated solar power, which uses mirrors to produce concentrated sunlight, stood at a $53 billion market in 2023, and is projected to hit $212 billion by 2032.
• While the price of concentrated solar power has dropped by 54% between 2013 and 2023, solar photovoltaic (PV) saw an even steeper decline of 79%.
• Wind power is at least 60% less expensive than in 2013, driven by larger generating capacity and technical advancements improving installation costs.

Renewable Prices Keep on Falling

As costs become more and more favorable, installed solar capacity is growing by about twofold every three years.

Similarly, nearly all types of renewable energy are becoming cheaper—making a stronger case for transitioning away from fossil fuels.

Big tech is a major driver of this demand, investing billions into data centers—where green energy is expected to make up 40% of new power capacity.