Solar, Sourcing Renewables, Wind - January 15, 2018
IRENA: Renewable technologies competitive by 2020
The cost of offshore wind power has declined by around 25% since 2010, making it comparable to other energy sources, according to a new cost analysis from the International Renewable Energy Agency (IRENA). During this same period, solar photovoltaic (PV) electricity costs declined by 73%, with costs expected to halve by 2020.
"Onshore wind and solar PV projects could be delivering electricity for an equivalent of 3 cents per kWh or less within the next two years, compared to a range of 5 to 7 cents per kWh for fossil fuel power," said the report, Renewable Power Generation Costs in 2017.
The report also noted that other forms of renewable power generation, such as bioenergy, geothermal and hydropower projects, have competed head-to-head with fossil fuel power on costs in the last 12 months.
These cost reductions for renewable energy sources are attributed to competitive procurement practices, technology advancements and the emergence of a large base of experienced medium-to-large project developers competing for global market opportunities.
"Turning to renewables for new power generation is not simply an environmentally conscious decision, it is now – overwhelmingly – a smart economic one," said Mr. Amin. "Governments around the world are recognizing this potential and forging ahead with low-carbon economic agendas underpinned by renewables-based energy systems. We expect the transition to gather further momentum, supporting jobs, growth, improved health, national resilience and climate mitigation around the world in 2018 and beyond."
The report was presented at the eighth IRENA Assembly, which included more than 1,100 representatives of governments from 150 countries. The Assembly provides strategic guidance to the work of the Agency for the next four years and positions it to play a key role in driving the global energy transformation.
- Corporate sourcing of RE hit 465 TWh hours in 2017
- Infographic: Corporate sourcing of renewables—numbers behind the growth
- Renewable energy = one-third of global power capacity
- Record-breaking 260+ GW of Renewable Energy Added Globally in 2020
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