The report showed that the cost of solar energy in 58 low-income countries, including China, Brazil, and India, has dropped to about one-third of 2010 levels and is now slightly cheaper than wind energy.
In August, a bidding process for electricity supply in Chile saw a record-low price of 27.9 euros per megawatt-hour, roughly half the price of coal.
Renewable energy sources are a reliable and inexpensive solution for developing countries seeking to add more electricity to their national grids.
However, in wealthy countries where new renewable energy production must compete with existing energy production from fossil fuels, costs can be higher. Most of these countries still have state subsidies for the fossil fuel industry.
The dramatic drop in solar energy prices is partly due to large-scale production, such as in China, which has added a huge number of new solar installations. Beijing has also assisted other countries with financing solar projects.
The report also states that China, Chile, Brazil, Uruguay, South Africa, and India are the emerging markets most likely to attract investors to low-carbon energy projects.
Moreover, harnessing solar energy has proven to be an unexpectedly positive development for remote islands in the southern Pacific Ocean and other isolated areas that previously relied on importing large quantities of fossil fuels.
source: naftemporiki