In its latest Renewable Power Costs Report, the International Renewable Energy Agency (IRENA) finds a potential for renewable energy projects to deliver the most affordable sources of new electricity generation, Renew Economy reported.
Francesco La Camera, the Director General at IRENA said, “We must do everything we can to accelerate renewables if we are to meet the climate objectives of the Paris Agreement. Today’s report sends a clear signal to the international community: Renewable energy provides countries with a low-cost climate solution that allows for scaling up action.”
Based on the latest IRENA report, renewable energy is the lowest-priced source of electricity in a rising number of countries. Renewables are also seen as the cheapest electricity source in a majority of countries, with solar photo-voltaic projects posting “particularly dramatic falls.”
Reportedly, there were double-digit cost reductions across a range of technologies related to clean energy last year as the process of technology and efficiencies in the construction of projects continue to result in more affordable projects.
The article also pointed out, “In 2018, IRENA estimated that the cost of large-scale solar projects and onshore wind developments both fell by 13 percent. Concentrated solar thermal saw even more dramatic falls in the last year, with costs falling 26 percent in 2018 driven by falling technology costs and improve capacity factors. Hydroelectric projects, the most established of all renewable energy technologies also recorded a fall in cost by 12 percent.”
IRENA further observed that in Australia, the prices of large-scale solar developments have decreased by 60 percent between 2013 and 2018, one of the largest cost reductions achieved by countries.
IRENA stated in the report, “Among projects due to be commissioned in 2030, 77 percent of the onshore wind and 83 percent of the utility-scale solar PV project capacity have electricity prices that are lower than the cheapest fossil fuel-fired power generation option for the new generation.”
To know more about the latest IRENA report, read the article here.