Soon, Europe Might Not Need Any Power Plants

Within a few decades, large-scale, centralized electricity generation from fossil fuels could be a thing of the past in Europe.
That’s the word from investment bank UBS, which just released a new report anticipating a three pronged assault from solar power, battery technology, and electric vehicles that will render obsolete traditional power generation by large utilities that rely on coal or natural gas. According to Renew Economy, which picked up the report, the tipping point will arrive around 2020. At that point, investing in a home solar system with a 20-year life span, plus some small-scale home battery technology and an electric car, will pay for itself in six to eight years for the average consumer in Germany, Italy, Spain, and much of the rest of Europe. Crucially, this math holds even without any government subsidies for solar power.
“In other words,” the report says, “a German buyer should receive 12 years of electricity for free” for a system purchased in 2020.

CREDIT: Renew Economy

That would mean that after 2020, the economic incentives will align to encourage the average European household to stop relying on the traditional utility model for their electricity needs. “Not all [power plants] will have disappeared by 2025,” the report concedes, “but we would be bold enough to say that most of those plants retiring in the future will not be replaced.”

by Jeff Spross Posted on August 24, 2014 at 12:34 pm

http://thinkprogress.org/climate/2014/08/24/3474972/ubs-europe-solar-batteries-evs/