One of the most transformative changes in technology over the last few decades has been the massive drop in the cost of clean energy. Solar photovoltaic
costs have fallen by 90% in the last decade, onshore wind by 70%, and batteries
by more than 90%.
These technologies have followed a “learning curve” called
Wright’s Law. This states that the cost of technology falls consistently as the cumulative production of that technology increases.
The chart shows the perfect example of this for solar power. This data comes from the
International Renewable Agency,
Greg Nemet, and
Doyne Farmer & François Lafond.