Renewable Power Costs Plummet: Many Sources Now Cheaper than Fossil Fuels Worldwide

Renewable Power Costs Plummet: Many Sources Now Cheaper than Fossil Fuels Worldwide

The cost of generating power from renewable energy sources has reached parity or dropped below the cost of fossil fuels for many technologies in many parts of the world, the International Renewable Energy Agency (IRENA) revealed in a new report today.

The landmark report, Renewable Power Generation Costs in 2014, concludes that biomass, hydropower, geothermal and onshore wind are all competitive with or cheaper than coal, oil and gas-fired power stations, even without financial support and despite falling oil prices. Solar photovoltaic (PV) is leading the cost decline, with solar PV module costs falling 75 per cent since the end of 2009 and the cost of electricity from utility-scale solar PV falling 50 per cent since 2010.

Source: IRENA

Date: January 2015

Read the press release

Download the report

 


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