Chu predicts solar will be as cheap as any power source in 10 years

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Departing Energy Secretary Steven Chu said Friday that he expects solar power to continue dropping in price and produce power as cheaply as any other resource within 10 years or sooner. Chu made the comments as part of a question and answer session held on Google+.

Chu launched the SunShot initiative in 2011 as a way to make solar energy resources more affordable and accessible in the U.S. He noted in the question and answer session the price of solar power has continued to drop in recent years, going from $8 a watt in 2004 to below $3 currently. The SunShot initiative goal is $1 a watt, he said.

As a result of solar technology improvements, Chu said he expects the price of solar power to be as cheap as other power sources sooner than many people have predicted.

“This is going to happen 10 years from today,” Chu said. “Maybe sooner.”

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