## The cheapest electricity in history
In 2024, a solar panel cost less per kilowatt-hour than a coal plant in every major economy on Earth. The International Energy Agency, which had underestimated solar deployment every single year for fifteen consecutive years, called solar "the cheapest electricity in history." The same year, the world burned more fossil fuel than it ever had. 37.4 billion tonnes of CO2. New record.
Those two facts are not in tension the way people assume. They are a portrait of a species adding new energy on top of old, the way it always has. The world still burns more coal than when the Kyoto Protocol was signed in 1997. It also installs more solar every month than it did in all of 2010. In West Texas, oil derricks and wind turbines share the same horizon. The landowners collecting royalties from both do not experience this as a contradiction.
## The learning curve
Solar's cost followed Wright's Law — every doubling of cumulative production drops the price by roughly 20 percent — and it held through five orders of magnitude. For fifteen years, the IEA projected conservatively, and actual deployment came in above the projection by a factor that would get an analyst fired in any other industry. The extrapolated forward: the curves are exponential, deployment is accelerating, the only question is how fast incumbents collapse.
Then the sun sets. A grid engineer in Texas will tell you, with the patience of someone who has explained this many times, that electricity must be produced the instant it is consumed. Storage is following its own cost curve — battery prices fell 97 percent between 1991 and 2023 — but lithium-ion at grid scale remains short-duration and dependent on mining supply chains with their own fragilities. The are not denying the curves. They are pointing at 7 PM on a windless January evening.
Behind both arguments sits a pattern. Wood to coal. Coal to oil. Oil to gas. The have noticed something inconvenient: none of them were complete. Each fuel layered on top of the last. Global coal consumption is higher today than at any previous point. And the are watching the entire debate with a specific frustration — France generates 70 percent of its electricity from nuclear at one-fifth of Germany's grid emissions — and wondering why the technology that already solved the problem keeps being excluded from the solution set.
China installed more solar in 2023 than the world had installed cumulatively through 2012. India's solar prices have fallen below the operating cost of existing coal plants. If that spread holds five years, retirements accelerate not because of climate policy but because of arithmetic. Whether arithmetic alone has ever retired an incumbent fuel source is the question the next decade answers.
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