According to Electrek, by the year 2025 the cost of electricity could fall below $10-megawatt hour (1¢/kWh) in the sunniest parts of the world, causing a drastic drop in price of oil. Interestingly, the article cites that switching to renewables isn't due to a sudden concern about the environment, but simply to cost.
As we’ve seen in the past year, the price of utility scale solar electricity in sunny climates has plummeted. This has led to significant thought about what the results of “quasi-infinite and free energy” could lead toward. Israel has solved water problems in a desert with the largest solar desalination plant on the planet. China has suggested a $50 trillion global HVDC electricity grid to take advantage of global renewable energy resources. Not to mention that a massive build out of solar power would add tens of millions of jobs globally.
The addition of more jobs may be needed: already mining operations are almost fully automated, while half of all jobs are expected to disappear in the next two decades, with some already warning us that we should prepare before it's too late.
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