LA Signs Deal For Cheap Solar Power
Los Angeles has finalized a deal to buy solar power at a record low price.
The combined solar power and energy storage is priced at 3.3 cents per kilowatt-hour — a record low for this type of contract, city officials and independent experts say, and cheaper than electricity from natural gas.
That comes to $33 per megawatt-hour, which is fully competitive with the current wholesale price of electricity in Southern California:
Obviously Southern California is an especially good region for solar, and not every place can supply solar power at this rate. On the other hand, this is just the beginning: if solar is competitive today, it will be the cheapest source of power in the near future. And that’s happening not a minute too soon.
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