After a decade of declining costs, solar power is cheaper than ever. Photovoltaic modules – the building blocks of solar panels – are becoming cheaper to produce and more efficient, according to Goldman Sachs Research. These falling costs mean solar projects can thrive with fewer government subsidies and are prompting companies to sign long-term power purchase agreements with renewable energy developers. While the boost in the share of renewables is playing out globally, Europe is leading the way: Goldman Sachs Research estimates that the share of renewables in the region’s power system will exceed 70% by 2030.