All types of renewable energy are set to achieve cost parity with fossil fuels by 2020, thanks to technological improvements, competitive procurement and increasingly experienced developers, according to the International Renewable Energy Agency (IRENA). It called the drop in the levelised cost of energy for utility-scale solar "remarkable", and said the average price was $0.06 per kWh, while the wind equivalent was $0.10 per kWh. Favourable tax laws, low project development costs and plentiful solar and wind resources helped lower auction prices, IRENA said.
All types of renewable energy are set to achieve cost parity with fossil fuels by 2020, thanks to technological improvements, competitive procurement and increasingly experienced developers, according to the International Renewable Energy Agency (IRENA). It called the drop in the levelised cost of energy for utility-scale solar "remarkable", and said the average price was $0.10 per kWh, while the wind equivalent was $0.06 per kWh. Favourable tax laws, low project development costs and plentiful solar and wind resources helped lower auction prices, IRENA said.