Weekend Edition: Solar Power Cheaper than Fossil Fuels and Nuclear within 5 Years?

GE is very optimistic when it comes to solar power, it sees rates of 15 cents or lower per kilowatt-hour beating fossil fuel and nuclear generated electricity in 3 to 5 years. The 2009 average U.S. retail rate per kilowatt-hour for electricity ranges from 6.1 cents in Wyoming to 18.1 cents in Connecticut, according to Energy Information Administration data released in April.

GE boosted the efficiency of thin-film solar panels ie the amount of sunlight converted to electricity and intends to start producing these panels in 2013. I like this type of good news but refuse to get carried away into renewable energy heaven. Rates have been predicted to fall since the 70’s and we have not reached the desired point yet. Even if the cost of manufacturing the panel falls substantially, solar power will partially fill the need of clean renewable energy as it works only during the day. Moreover, let’s not forget the cost of storing this energy as well for night time use, how much will the cost of infrastructure add to the kilowatt-per-hour rate?

This is an optimistic claim by GE and I am as *hopeful* as the CEO when it comes to generating clean and cheap power thanks to solar energy.??There will be many variables that will impact this technology so it is best to wait and see where we will be at in 5 years.

Economic roundup:

Bid To Use Gold As Collateral Advances in Europe

UN Sees Risk of Crisis of Confidence in U.S. Dollar

Global Crisis May Not Be Over Yet: OECD

Greece Is ‘Insolvent,’ ECB Economist Says

US Consumer Spending Cools as Inflation Heats Up

Weekly blog roundup:

Moving Out? Don’t Throw that Old Furniture Out, Find a New Home for it on Kijiji.??@Invest it Wisely

What to do when everything is overpriced? @ Intelligent Speculator.

Dividend Yield: Cincinnati Financial Corp. (CINF) @ The Passive Income Earner.

Centavos Model Portfolio Haz Sad Face @101 Centavos

Looming Debt Crisis Should I Raise Cash? @DIY Investor