Electricity from all forms of renewables will be consistently cheaper than fossil fuels by 2020

Akshat Rathi for Quartz:  “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, who has the numbers to back it up. Amin heads the International Renewable Energy Agency (Irena), and the numbers can be found in a new report the agency released at its annual summit on Jan. 13 in Abu Dhabi.

In most of the world, renewable electricity is already competitive with fossil-fuel power. Better still, the report makes the extraordinary prediction: By 2020, all forms of renewable electricity will be consistently cheaper than power produced by burning fossil fuels.

Today, fossil-fuel power typically costs between $0.05 to $0.17 per kWh. By comparison, consider the global-weighted average cost of electricity generated by various forms of renewables in 2017, as calculated by Irena: hydropower ($0.05 per kWh), onshore wind ($0.06 per kWh), bioenergy and geothermal ($0.07 per kWh), and solar photovoltaics ($0.10 per kWh).

Offshore wind and solar thermal power aren’t yet competitive with fossil fuels, but that should change by 2020, Irena predicts, with the cost of solar thermal falling to $0.06 per kWh and offshore wind to $0.10 per kWh. The drivers will be technology development, competitive bidding systems, and large base of experienced project developers across the world.  Full Article:

Comments (0)

This post does not have any comments. Be the first to leave a comment below.


Post A Comment

You must be logged in before you can post a comment. Login now.

Featured Product

sonnenBatterie eco

sonnenBatterie eco

Sonnen's mission is to provide clean and affordable energy for all. As the first mainstream grid tied residential energy storage company in the world and with 24,000 sonnenBatterie systems installed worldwide, sonnen is a proven global leader in intelligent energy management solutions. The all-in-one sonnenBatterie smart energy storage solution easily integrates with new and existing solar installations to help homes manage their energy throughout the day-saving money, providing backup power, and maximizing the effective use of solar power day and night. Sonnen has won several awards for its energy innovations, including the 2017 Zayed Future Energy Prize, MIT's Technology Review's 50 Smartest Companies in 2016, Global Cleantech 100 for 2015-2017, Greentech Media's 2016 Grid Edge Award for Innovation, and Cleantech's 2015 Company of the Year Award in both Israel and Europe.