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40% drop in renewable energy prices predicted for next few years

Renewable energy costs expected to drop 40% in next few years Solar price drops won’t be affected by plummeting oil prices By Lucas Mearian Computerworld | Jan 29, 2015 The cost of generating power from renewable energy sources has reached parity or dropped below the cost of fossil fuels in many parts of the world, according to a new report from the International Renewable Energy Agency (IRENA).

IRENA’s report, “Renewable Power Generation Costs in 2014, states that biomass, hydropower, geothermal and onshore wind are all competitive with or cheaper than coal, oil and gas-fired power stations, even without financial support and despite falling oil prices. The report was released at IRENA’s annual conference in Abu Dhabi this month.

Solar photovoltaic (PV) power generation is leading the cost decline, with solar PV module costs falling 75% since the end of 2009 and the cost of electricity from utility-scale solar PV falling 50% since 2010.

In a separate report issued by Deutsche Bank this month, the cost to generate power through solar power was predicted to drop by 40% over the next three to four years. Deutsche Bank has also reported that the cost of rooftop solar power is expected to beat coal and oil-fired plant energy costs in just two years……….

The most competitive utility-scale solar PV projects are delivering electricity for $.08/kWh without financial support from governments, and lower prices are possible with inexpensive financing costs from solar providers.

“It has never been cheaper to avoid dangerous climate change, create jobs, reduce fuel import bills and future-proof our energy system with renewables,” Amin said. “This requires public acknowledgement of the low price of renewables, an end to subsidies for fossil fuels, and regulations and infrastructure to support the global energy transition.” http://www.computerworld.com/article/2877310/renewable-energy-costs-expected-to-drop-40-in-next-few-years.html

January 30, 2015 - Posted by Christina Macpherson | 2 WORLD, renewable