Within a few decades, large-scale, centralized electricity generation from fossil fuels could be a thing of the past in Europe.
That’s the word from investment bank UBS, which just released a new report anticipating a three pronged assault from solar power, battery technology, and electric vehicles that will render obsolete traditional power generation by large utilities that rely on coal or natural gas.
According to Renew Economy, which picked up the report, the tipping point will arrive around 2020. At that point, investing in a home solar system with a 20-year life span, plus some small-scale home battery technology and an electric car, will pay for itself in six to eight years for the average consumer in Germany, Italy, Spain, and much of the rest of Europe. Crucially, this math holds even without any government subsidies for solar power.
“In other words,” the report says, “a German buyer should receive 12 years of electricity for free” for a system purchased in 2020.
Read more: Soon, Europe Might Not Need Any New Power Plants | ThinkProgress
That’s the word from investment bank UBS, which just released a new report anticipating a three pronged assault from solar power, battery technology, and electric vehicles that will render obsolete traditional power generation by large utilities that rely on coal or natural gas.
According to Renew Economy, which picked up the report, the tipping point will arrive around 2020. At that point, investing in a home solar system with a 20-year life span, plus some small-scale home battery technology and an electric car, will pay for itself in six to eight years for the average consumer in Germany, Italy, Spain, and much of the rest of Europe. Crucially, this math holds even without any government subsidies for solar power.
“In other words,” the report says, “a German buyer should receive 12 years of electricity for free” for a system purchased in 2020.
Read more: Soon, Europe Might Not Need Any New Power Plants | ThinkProgress
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