New IRENA report finds all renewable technologies to be competitive by 2020
According to a new cost analysis from the International Renewable Energy Agency (IRENA), the cost of generating power from onshore wind has fallen by around a quarter since 2010, with solar photovoltaic (PV) electricity costs falling by 73 per cent in that time.
The findings highlight that other forms of renewable power generation, such as bioenergy, geothermal and hydropower projects in the last 12 months, have competed head-to-head on costs with power from fossil fuels. And that by 2019, the best onshore wind and solar PV projects will be delivering electricity for a USD 3 cents per kWh, significantly below the current cost of power from fossil fuels.
The report was launched during the eighth IRENA Assembly in Abu Dhabi, which welcomes more than 1,100 representatives of governments from 150 countries. IRENA is headquartered in Abu Dhabi. The international organisation's 'Innovation and Technology Center' is based in Bonn, Germany.
View the executive summary and full report here