IRENA Price of renewable energy cheaper than fossil fuels: Almost 62% of whole renewable power generation that was added last year had reduced prices compared to the lowest new fossil fuel choices.
A fresh paper by the International Renewable Energy Agency (IRENA) implies that prices of renewable energy technologies carried on falling year-on-year in 2020 with the global weighted-average levelised cost of electricity (LCOE) from new capacity additions of concentrating solar power fell by 16%.
This last year, new onshore wind installations documented a 13% cost reduction when compared to 2019, next was offshore wind with a 9% fall & utility-scale solar PV by 7%.
IRENA also expects the new renewable projects set up last year would carry a saving of nearly $156 billion (£111bn) throughout their lifespan.
Francesco La Camera, IRENA’s Director-General stated: “Today, renewables are the cheapest source of power.
“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.”
IRENA Price of renewable energy cheaper than fossil fuels