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What is solar grid parity and why is it important? Ecotech Institute's Phil Myers explains

What is solar grid parity and why is it important?

When will we reach solar grid parity and why is it important?

The answers: Pretty much now, and it is important for several reasons.

Some analysts predict that solar will be at grid parity by 2017 throughout most of the world. Solar grid parity means that the cost of solar-generated electricity is equal to or less than the cost of electricity generated by the more traditional fossil fuels, coal and natural gas.

Solar electricity prices are more stable because the cost of sunshine is very stable ($0.00) while the cost of traditional fossil fuels tends to be highly variable. Solar electricity is now a great investment for making money, and this will lead to increased solar growth and solar industry jobs. This is good for businesses and the economy.

Growing use of solar electricity will reduce the energy carbon footprint by reducing carbon dioxide emissions, which is good for our environment.

And, of course, this will make electrical energy more affordable.

Phil Myers is Program Director of Solar Energy Technology at Ecotech Institute.

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