The cost of solar power has gone down 70% since 2010 according to CNBC.
Solar power is growing exponentially as a key source to meet the world's energy needs, the chief executive of a panel maker told CNBC on Friday. Steve O'Neil, CEO at Norway-headquartered firm REC, said that was likely due to the falling cost of solar energy as a result of technological developments. Reports earlier this year said the total amount of solar power added globally soared by about 50 percent in 2016 due to the United States and China. Worldwide, the solar power capacity is at 305 gigawatts, up from about 50 gigawatts in 2010. "There's no doubt that costs are going to continue to come down," he said. "Now, around the world, solar energy costs about 8 cents a kilowatt hour. That's down 70 percent since 2010, and those costs are going to continue to come down as we develop the technology."