The cost of renewable energy is now falling so fast that it should be a consistently cheaper source of electricity generation than traditional fossil fuels within just a few years, according to a new report from the International Renewable Energy Agency (IRENA).
The organisation – which has more than 150 member countries – says the cost of generating power from onshore wind has fallen by around 23% since 2010 while the cost of solar photovoltaic (PV) electricity has fallen by 73% in that time. With further price falls expected for these and other green energy options, IRENA says all renewable energy technologies should be competitive on price with fossil fuels by 2020.
Globally, onshore wind schemes are now costing an average of $0.06 per kilowatt hour (kWh), although some schemes are coming in at $0.04 per KwH, while the cost of solar PV is down to $0.10 per KwH. In comparison, the cost of electricity generation based on fossil fuels typically falls in a range of $0.05 to $0.17 per KwH.
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