…Solar is already at least as cheap as coal in Germany, Australia, the U.S., Spain and Italy. The levelized cost of electricity from solar is set to drop another 66% by 2040.By 2021, it will be cheaper than coal in China, India, Mexico, the U.K. and Brazil as well.
…Onshore wind levelized costs will fall 47% by 2040, thanks to cheaper, more efficient turbines and advanced OPEX regimes. In the same period, offshore wind costs will slide a whopping 71%, helped by experience, competition, and economies of scale
With such low costs for solar and wind projects, countries are installing more zero-carbon resources than ever before. By 2040, BNEF estimates wind and solar will represent nearly half of the world’s installed power capacity, generating just over a third of its electricity. This is an enormous leap from today’s levels — renewable energy is currently 12% of capacity and generate 5% of total electricity. Solar will increase its capacity fourteen-fold by 2040, while wind capacity increases fourfold. This renewables growth potential will span both developed and developing countries. Germany, for example, is set to have nearly twice as much renewable energy capacity as the United States by 2040–74% and 38%, respectively. As the cost of battery storage declines and more flexibility options become available, countries like India and China will approach and even surpass the 50% mark
Source: Bloomberg New Energy Finance report, New Energy Outlook 2017