As investment in renewable energy rise, electricity could be free by 2030

As investment in research and innovation of renewable energy rise, prices continue to decline which makes it an attractive investment for general consumers as well.

According to a new research published in Financial Times, we could get electricity 'effectively for free' by 2030 as costs of renewable energy continue to dive. The analysts at Swiss investment bank, UBS, explain that as solar and wind farms continue to attract investments and prove to be efficient, it is a great news for plant and for the economy as well.

According to a UN-backed report posted in 2018, Investment in green energy sources since 2004 stands at USD 2.9 trillion marking brilliant progress along the way.

China leads the investment in renewables with an investment of USD 126.6 billion. China alone added 53 gigawatts of solar power, more than half of the total capacity added globally, and invested USD 86.5 billion in solar energy, up 58 percent from the last year.

As investment in research and innovation of renewable energy rise, prices for installation and maintenance continue to decline which makes it an attractive investment for general consumers as well.

Renewable electricity generation has grown by 55% since 2012, led by solar and wind capacity additions. Find out more https://t.co/Za6BLLUtqr

— IRENA (@IRENA) August 13, 2018

Various governments around the world are also providing subsidies for installing solar panels to promote renewable energy.

Analysts say that the electricity that costed £0.03 in 2010, is expected to cost less than half a penny in 2020.

Several companies are also working towards reaping the benefits of declining costs and efficiency of renewable energy, Apple Inc in April claimed that it had achieved its goal of powering all of the company's facilities with renewable energy, a milestone that includes all of its data centers, offices and retail stores in 43 countries.

IFC and Gaia Energy also recently announced a partnership to enhance renewable energy development across Africa. The new platform will begin with a pipeline of 22 projects in nine countries in North, West and East Africa, representing a pipeline under development of more than 3 gigawatts.