Middle East's Low Solar Prices Are a Game Changer

The Middle East has long been a huge potential market for the solar industry given the high solar intensity of the desert and the fact that most countries burn oil to supply electricity, rather than exporting it. But until recently there's been very little solar development in the region. 

Saudi Arabia is trying to change that, recently offering a tender of 300 MW to developers as part of a plan to build 9,500 MW of solar. The low bid of 1.78 cents per kWh from Masdar and EDF Energies was the lowest price ever seen for solar energy and should turn the heads of other countries in the region. If it's a sustainable price for solar, it would be a game changer for all of energy. 

Image source: First Solar.

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Source: Fool.com