The discovery of solar power has been one of the most astonishing discoveries of humankind. Upon its consumption today analyst's states that solar power is possibly the cheapest source of electricity and this can be proven by results from low-profit countries that are now using solar power.

According to Independent, solar power is now becoming the cheapest way to generate electricity based on leading analyst's studies. A data was produced by Bloomberg New Energy Finance (BNEF) that showed the cost of solar power in 58 low-profit countries which includes China, Brazil, and India has fallen to almost about a third of levels in 2010.

The data has also shown that solar power is now slightly cheaper than wind energy. An auction to supply electricity in Chile took place in August, and it has achieved a record for its low price of 29.10 USD per megawatt-hour. This is a record low price and about half the price of its coal competition.

However, in wealthy nations where renewable energy generators must compete with existing fossil fuel power plants the cost of carbon-free electricity can be much higher. The economic scale was responsible in the drop of prices, and China is now adding a vast amount of new solar capacity.

According to Bloomberg Technology, the overall changing to clean energy can be more expensive to wealthier nations. The Wealthier nation's electricity demand is either still or dropping and the new solar power must compete with existing billion-dollar worth coal and gas plants.

Furthermore, BNEF chairman Michael Liebreich states that in some countries that are adding new source of electricity as swiftly as possible, renewable energy will overcome any other technology in most of the world without being funded by the government.

Solar power right now is the cheapest source of electricity. The still developing countries should take the chance in supporting organizations in producing solar power plants and other solar energy storing materials. This is an opportunity for developing countries to save spending excessive subsidies for their electricity. Subscribe for more related topics!