Solar energy prices hit tipping point as China reaches “grid parity”

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It’s a landmark moment for China and the world.

The world’s most populous country has reached a tipping point in the pursuit of renewable energy.

China, which aims to consume 20 percent of its energy from non-fossil fuels by 2030, has reached a point where home-generated solar is cheaper than electricity generated from the national grid. The research, conducted by researchers in both Sweden and China and published in the journal Nature Monday, mark an historic moment in the drive to ditch fossil fuels.

The switchover point comes soon after a report that showed a similar crossover in the United States. The report in March showed that in 74 percent of cases, building new solar and wind capacity in a given area was cheaper than maintaining an existing coal-powered plant. Where levelized costs for wind reach $15 per megawatt-hour and $28 per megawatt-hour for solar, marginal costs for existing plants can jump as high as $104 per megawatt-hour.

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