Solar, wind power to become cheapest energy source in Asia

BEIJING: Renewable energy sources such as solar and wind power will become the cheapest energy for consumers in Asia in next 10 years, scientists say.

A joint project conducted by Finnish Technical Research Centre (VTT), the Lappeenranta University of Technology and the University of Turku has successfully modelled a comprehensive energy systems based entirely on renewable energy sources for China, South Korea and Japan.

According to Pasi Vainikka from VTT, China has become the world's largest investor in solar and wind energy, Xinhua News agency reported.

"China possesses significant wind and solar energy resources, so a power network based on renewable energy sources has the potential to become profitable very quickly," Vainikka said.

Researchers predict that the price of solar electricity will drop by half within 10 or 15 years, so that the relative industries will become more profitable.