Solar Cheaper Than Diesel Making India’s Mittal Believer: Energy
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India is producing power from solar cells more cheaply than by burning diesel for the first time, spurring billionaire Sunil Mittal and Coca-Cola Co.’s mango supplier to jettison the fuel in favor of photovoltaic panels.
The cost of solar energy in India declined by 28 percent since December 2010, according to Bloomberg New Energy Finance. The cause was a 51 percent drop in panel prices last year as the world’s 10 largest manufacturers, led by China’s Suntech Power Holdings Co., doubled output capacity.