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

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