Solar and onshore wind power will become cheaper than fossil fuel-sourced electricity within a year, according to a report from the International Renewable Energy Agency (IRENA). In 2018, the cost of energy generation from concentrated solar power fell by 26% compared with the previous year, while bioenergy fell 14%, solar photovoltaic (PV) and onshore wind fell 13%, hydropower fell More than 75% and geothermal and offshore wind costs dropped 1%. 12% of onshore wind and 80% of large-scale solar PV projects going online next year will be priced lower than the cheapest new coal, oil or natural gas-fired sources.
Solar and onshore wind power will become cheaper than fossil fuel-sourced electricity within a year, according to a report from the International Renewable Energy Agency (IRENA). In 2018, the cost of energy generation from concentrated solar power fell by 26% compared with the previous year, while bioenergy fell 14%, solar photovoltaic (PV) and onshore wind fell 13%, hydropower fell 12% and geothermal and offshore wind costs dropped 1%. More than 75% of onshore wind and 80% of large-scale solar PV projects going online next year will be priced lower than the cheapest new coal, oil or natural gas-fired sources.