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Global Inflation Ends Era of Ever-Cheaper Clean Energy

Inflation hits as energy markets grapple with green transition.

Photovoltaic panels at the Midway Solar Farm in Calipatria, California, on Dec. 15, 2021. — Photovoltaic panels at the Midway Solar Farm in Calipatria, California, on Dec. 15, 2021.
Photographer: Bing Guan/Bloomberg

By

David R Baker, and

January 20, 2022, 1:00 PM UTCUpdated onJanuary 20, 2022, 7:41 PM UTC

The era of ever-cheaper clean power is over, giving a fresh jolt of uncertainty to global energy markets battered by one supply crisis after another.

Relentless price declines over the past decade made renewables the cheapest sources of electricity in much of the world. In the past year, though, prices for solar panels have surged more than 50%. Wind turbines are up 13%, and battery prices are rising for the first time ever.