The International Renewable Energy Agency (IRENA) new report which was released on January 13, 2018, during the 8th IRENA annual meeting in UAE, says that renewable energy is now cheaper source of electricity generation than traditional fossil fuels. IRENA, the agency which promotes the widespread adoption and sustainable use of all forms of renewable energy, highlights the latest trends for each of the main renewable power technologies, based on the latest cost and auction price data from projects around the world.
According to the new report, “while the cost of electricity generation based on fossil fuels is in the range of $0.05 to $0.17 per KwH, the agency says the cost of generating power from onshore wind has fallen by around 23% and are now costing an average of $0.06 per kilowatt hour (kWh). The cost of solar photovoltaic (PV) electricity has fallen by 73% and cost $0.10 per KwH. The report predicts that wind and solar PV projects could be delivering electricity for $0.03 per kWh in 2020.”
The report findings of the 3 key that drives this cost reduction are:
1. technology improvements;
3. a large base of experienced, internationally active project developers
To flow the IRENA 8Th assembly live blog, click here .