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Renewable energy prices rapidly falling, becoming competitive with traditional fuels

City AM , New York, 13th Jan 2018, Renewable energy to be competitive with fossil fuels by 2020 as prices drop. The cost of generating renewable power is falling at an “unprecedented” rate, and by 2020, all renewable technologies will be price competitive with traditional fossil fuels, a new report says.

Since 2010, the cost of generating power from onshore wind has fallen by around a quarter, while solar photovoltaic (PV) electricity costs have dropped by 73 per cent, according to a report published today by the International Renewable Energy Agency (Irena).

Within just two years years, Irena expects solar energy generation costs to halve, and it said the best onshore wind and solar PV projects could be delivering electricity for an equivalent of 3 cents (2 pence) per kilowatt hour (kWh), or less.

The report said the current cost spectrum for fossil fuel power generation ranges from 5 to 17 cents per kWh. In comparison, all current commercial forms of green energy are expected to generate in the range of 3 to 10 cents per kWh by 2020.

“Turning to renewables for new power generation is not simply an environmentally conscious decision, it is now – overwhelmingly – a smart economic one,” said Adnan Amin, Irena’s director general.
http://www.cityam.com/278717/renewable-energy-competitive-fossil-fuels-2020-prices-drop

January 15, 2018 - Posted by Christina Macpherson | renewable, USA