A recent survey by Bloomberg New Energy Finance expects solar energy to outrun coal and natural gas with lower costs much sooner than previously forecasted. Within a few years, renewables will be cheaper than coal almost everywhere in the world, according to the research group.

The study concluded that in the U.S. and Germany, solar already rivals the cost of new coal power plants, and is expected to do the same in high-growth markets such as China and India by 2021.

The cost of electricity from solar energy, or photovoltaic panels has fallen nearly 25% since 2009, and is expected to to decline another 66% by 2040. Onshore wind, after experiencing a 30% reduction in price over the same period, is forecast to slash costs another 47% in just over two decades. (See also: 2017: A Turning Point for the Solar Industry.)

Renewable Energy Prices Are Falling

If the…