The cost of both solar and wind energy continue to fall, with both technologies less than half the price of competing fossil fuels – based on a

Solar and wind less than half the cost of fossil fuels as price falls continue

submited by

Style Pass

2024-10-01 12:30:11

The cost of both solar and wind energy continue to fall, with both technologies less than half the price of competing fossil fuels – based on a global average – and offering compelling socio-economic and environmental benefits.

A new report from the International Renewable Energy Agency (IRENA), Renewable Power Generation Costs in 2023, finds that renewable energy remains competitive even as fossil fuel prices have returned to more historically traditional cost levels.

Ssolar energy and onshore wind remain the cheapest renewable technology, with the levelized cost of electricity (LCoE) for solar falling by 90 per cent between 2010 and 2023.

The LCoE of solar PV has now fallen to $US0.044/kWh, or around $A0.064/kWh, and is beaten only by the more mature technology of onshore wind, which finished 2023 with an LCoE of $US0.033/kWh, or around $A0.048/kWh. (These are global averages).

When compared to fossil fuel and nuclear options, solar PV’s global costs in 2023 were 56 per cent lower, while onshore wind’s costs were 67 per cent less than fossil fuel and nuclear. This compares favourably to the respective technology costs in 2010, when solar PV was 414 per cent more expensive than fossil fuel and nuclear options.