The Cost of Solar Power to Drop 50% by 2010

MSNBC reports that Katsuhiko Machida, president of Japan’s Sharp Corp., the world’s largest maker of solar cells, expects the cost of solar power generation to be cut in half by 2010. Solar electricity now costs about $0.50 per kilowatt hour to produce.

Machida also predicted the cost of solar to comparable with that of nuclear power by 2030, and that the use of fossil fuel “will be totally out by then.”

With the price of oil going up (except for the downward blip the past 2 months) and the price of everything else coming down, it seems like it's just a matter of time before Mr. Machida is right, we'll all be using something other than oil.

Thanks to Solar Energy Investing for the tip.