Transcript:

Over the past few decades, the cost of solar power has plummeted.

Nemet: “In almost every place, solar is the cheapest way to make electricity. And that’s why it’s growing so fast.”

Greg Nemet of the University of Wisconsin, Madison, is the author of the book “How Solar Energy Became Cheap.”

In a new edition, he explores trends in solar energy that have emerged since the original book was published in 2019.

For example, production is now concentrated in China. Australia is a leader in rooftop solar installations.

Nemet: “And the most surprising thing I would say is that the rates of growth are fastest now in the Global South. So it’s countries that are lower income and have grids that are unreliable. And so solar has become a real opportunity there.”

In the U.S., solar installation rates hover only around the global average. And the One Big Beautiful Bill Act has slowed momentum by repealing many renewable energy incentives.

But research shows that even without subsidies, solar is cost-competitive with fossil fuels. So Nemet expects growth to pick up again after companies adjust their business models.

Nemet: “The more we shift away from subsidies towards market competition, the better that solar and batteries will do. But there’ll be a transition of a couple years to get there.”

Reporting credit: ChavoBart Digital Media