According to a recent estimate released by the International Energy Agency, solar will be the world’s primary source of energy by 2050.
This is good news, but that number may seem far off to some people, considering that solar energy currently represents less than 1% of the energy market.
However, a new Deutsche Bank report suggests that this shift may come sooner than expected.
According to the report, which was published earlier this week, solar electricity is on track to be as cheap or cheaper than average electricity-bill prices in 47 U.S. states by the year 2016.
“The rapid cost decrease of photovoltaic modules and systems in the last few years has opened new perspectives for using solar energy as a major source of electricity in the coming years and decades,” IEA Executive Director Maria van der Hoeven told Reuters.
Recent breakthroughs in solar technology are making it more efficient and cheaper to extract energy from the sun, which in turn, is making this technology more available to the average person.
Solar power is unlike most other energy resources because there is a limitless supply. This limitless supply of power, could actually cause energy prices to drop so low that anyone could afford it. Like all technology, the technology to harness electricity from the sun will continue to become cheaper as it is developed and perfected.