Are solar projects cost competitive with traditional energy sources?

By The Randolph Solar Development Team

Despite the relative newness of solar energy deployment as a major source of electricity generation in the United States, solar is now cost competitive with conventional sources of electricity that have long powered our economy. Increased demand for solar energy alongside rapid improvements in technology have led to a 90% decrease in the cost per megawatt hour of energy generated by solar since 2009. [1]

This decrease in cost alongside efforts by large corporate consumers of energy and policy makers to prioritize renewable sources of energy generation led to the rapid growth in solar energy deployment in recent years. Despite claims renewable energy is only successful due to government subsidies, traditional sources of generation like natural gas and coal have long received federal subsidies on a scale far larger than for solar.[2] Plain and simple, solar projects are now able to compete in the energy market with natural gas and coal, and will continue to increase in importance in generating electricity, as coal generated production continues to decline in the years to come.

Solar projects are a cost competitive source of energy generation without the negative impacts on air quality. These projects increase the value of the land where they are located, provide long-term economic certainty to landowners, and pay local taxes without requiring new or additional resources from the local government. Randolph Solar will produce over 800 megawatts of affordable energy right here in Charlotte County while improving the local economy and benefiting the environment.

[1] https://www.lazard.com/perspective/levelized-cost-of-energy-and-levelized-cost-of-storage-2020/

[2] https://www.eia.gov/analysis/requests/subsidy/