In basically the craziest news in clean energy this week, the Texas city of Austin has become the site of the world’s cheapest solar power. Priced at just $0.04/kWh, this beats the previous record set in Dubai by $0.02/kWh, and although solar prices have been trending downward for some time, even the experts are surprised to see such a low price reached so soon. With these new figures, Austin takes a big lead in the world’s fastest growing and perhaps most competitive clean energy market.

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A recent announcement from Austin Energy, the city of Austin’s utility agency, illustrates the lowest solar power price has dipped to a record low following bids on the utility’s 600 MW procurement plan. Some 7,976 MW worth of solar projects were bid in April in competition for the procurement, according to Khalil Shalabi, Austin Energy’s vice president of resource planning. 1,295 MW of those solar project bids came in below $0.04/kWh, which is, in a word, astounding.

Related: Austin to get 55% of its power from renewables by 2025

The cost figures we’re discussing are actually for solar power bids, which is technically a more accurate label. Also on a “technically speaking” note, the price in Austin factors in solar power subsidies, which are not present in Dubai. However, the Texas price is competitive on the global market even without the 30 percent federal tax credit, still coming in under $0.06/kWh.

Via Clean Technica

Images via Shutterstock (1, 2), David Newsom and Wikipedia