Experts forecast big cost savings for solar over the next 20 years [Video]

Solar power continues to prove its worth as a viable and cost-effective source of energy as experts anticipate a steep decline for solar costs.

According to the latest long-term forecast from Bloomberg New Energy Finance, entitled New Energy Outlook 2016, the levelised costs of generation per megawatt hour for solar photovoltaics will drop by 60 percent between 2016 and 2040.

The forecast posited that utility-scale, rooftop and other small-scale solar projects will attract an estimated $3.4 trillion over that same time period. Further, the publication’s author predicted the share of clean, renewable energy produced by solar and wind in the U.S. will increase from 14 percent in 2015 to 44 percent in 2040, overtaking natural gas.