At 2.99 US cents per kilowatt-hour, solar developers in Dubai have set a new record for the world’s cheapest solar power.
Yep, you read that right – the historically oil-rich United Arab Emirates now leads the world in affordable solar power!
The record-low price, bid to develop 800 megawatts of solar projects in the region, is 15% lower than the previous world record set by Mexico last month.
It’s a dramatic plunge in solar power costs in the region – nearly 50% cheaper than the winning bid for a similar project one year ago.
As the National Bank of Abu Dhabi stated in an 80-page report last year: “Cost is no longer a reason not to proceed with renewables,” further reporting that even at $10/barrel for oil, solar is still the cheaper option.
But falling prices isn’t a trend limited to the Gulf region – the global cost of solar panels has fallen by around 80% over the last eight years.
It’s great to see the cost of solar power beginning to continually outcompete fossils fuels. Another reason why a global switch to solar power makes perfect cents!
Header Image Credit: uaeinteract.com