For the first time ever, solar is beginning to outcompete coal and natural gas on a global scale, with new solar projects in emerging markets also now costing less to build than wind projects, according to fresh data from Bloomberg New Energy Finance. While solar power has outcompeted other energy sources in isolated projects in the past with record-low prices, data shows it is now doing so on a widespread basis. According to BNEF, while solar costs were bound to fall below wind eventually, given solar’s steeper price declines, few predicted it would happen this soon. The average capital expenditures for solar PV projects in 58 non-OECD countries comes in at $1.65 million per megawatt, just below onshore wind costs of $1.66 million per megawatt. When all the 2016 projects currently under construction are tallied, BNEF projects that the total amount of solar photovoltaics added globally will exceed that of wind for the first time. The latest BNEF projections call for 70 gigawatts of newly installed solar in 2016 compared with 59 gigawatts of wind.