Onshore wind and solar PV projects set to deliver electricity at a lower cost than fossil fuels
A new report by the International Renewable Energy Agency (IRENA) has found that onshore wind is now as affordable as any other source.
Cost analysis from the report launched during the eighth IRENA Assembly reveals that the average cost of electricity from onshore wind has fallen by almost a quarter since 2010, with solar PV costs dropping by 73 percent. Solar PV costs are also expected to halve by 2020.
The data suggests that by 2020, all renewable energy technologies will compete with or undercut fossil fuels, with the best onshore wind and solar PV projects delivering electricity at a significantly lower cost than fossil fuels by 2019.
Along with continued technology advancements, the report identifies competitive procurement and the increase in medium to large developers competing for projects as new drivers of cost reductions.
Commenting on the findings, IRENA Director-General Adnan Z. Amin said:
“Turning to renewables for new power generation is not simply an environmentally conscious decision, it is now – overwhelmingly – a smart economic one.
Governments around the world are recognizing this potential and forging ahead with low-carbon economic agendas underpinned by renewables-based energy systems. We expect the transition to gather further momentum, supporting jobs, growth, improved health, national resilience and climate mitigation around the world in 2018 and beyond.”
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