Renewable Power Generation Costs Lower in 2020

A recent article by the International Renewable Energy Agency (IRENA) in June 2021 reports that the majority of new renewables power generation are cheaper than the lowest-cost fossil fuel option (coal). Costs for renewable technologies continued to fall significantly year on year. Cost of solar power fell by 16%, onshore wind by 13%, offshore wind by 9% and solar PV by 7%. 

The report asserts “Renewables present countries tied to coal with an economically attractive phase-out agenda that ensures they meet growing energy demand, while saving costs, adding jobs, boosting growth and meeting climate ambition to achieve net zero emissions by 2050.” 

The outlook to 2022 sees global renewable power costs falling further, confirming that low-cost renewables will also enable electrification in end-uses like transport, buildings and industry and unlock competitive indirect electrification with renewable hydrogen. Read More…