Solar energy officially reached a milestone or record for the lowest energy cost thanks to Chile who was recently awarded a contract to sell solar power for $29.10 per megawatt hour; the lowest cost available across the renewable energy industry.
With 29 solar farms (and another 15 planned) Chile has been able to cut the price of solar so dramatically that in some regions solar power has cost nothing. According to a report by Bloomberg:
“Spot prices reached zero in parts of the country on 113 days through April, a number that’s on track to beat last year’s total of 192 days, according to Chile’s central grid operator.”
Chile has some progress to be made (which it’s working on) regarding transmitting this energy across the more populated areas of the country (towards the south) where the energy has not been dispersed as well the north, where it was originally produced.
Not stopping there the country plans to launch the world’s first metro system powered mostly by solar and wind.
On one side this progress is great for reducing carbon emissions, however this significant growth in renewable energy in the north of the country is having a negative influence on the country’s economic stability. More information on that here