The price of solar energy fell 75% between 2008 and 2011. China's decision to subsidize the factory expansions of its solar companies helped cut the cost of panels in half since 2010, while the price of wind turbines tumbled by about a quarter since 2009, according to data compiled by Bloomberg.
According to Bloomberg New Energy Finance, a new wind farm built in Australia would generate electricity for between A$80 and $113 per MWh, whereas new coal plants would cost A$176/MWh (with the carbon tax) and A$126 without (reported in New Scientist).
Bloomberg New Energy Finance project that annual spending on clean-energy projects may rise to $630 billion at the end of the next decade from $190 billion last year. The result will be renewable energy projects including wind, solar, hydro and biomass accounting for 70 percent of new power generation capacity between 2012 and 2030. By 2030, renewables will account for half of the generation capacity worldwide, up from 28 percent last year.
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