Green Energy Will Overtake Fossil Fuels by 2020, Morgan Stanley Analyst States | Big Think
According to leading global investment firm Morgan Stanley the continuous drop in costs and the benefits surrounding green energy make it a rapidly more appealing option than its carbon-emitting cousins. A top analyst at the firm says green energy will overtake fossil fuels by 2020. There was no clear answer what they ment by “overtake”, but I quess it is overtake in investments and not overtake in amount of power generated.
Numerous key markets have reached an inflection point where renewables will have become the cheapest form of new power generation by 2020.
In 2016, the price of solar panels dropped 30%. They’re expected to fall another 20% this year. Wind power runs around $30 per megawatt hour (MWh), while natural gas is about $40-$60/MWh.
There is needs for breakthrough is in storage. While peak energy use occurs in the early morning and evening hours, solar energy is best collected at midday, while wind energy is best gathered at night.
The claim is that higher capacity batteries like Tesla’s Powerwall 2 are the answer so the storage market alone is expected to grow from $300 million to as much as $4 billion within the next three years.