Renewable Power Generation Expenses in 2019

• Newly mounted sustainable power ability increasingly costs less than the cheapest power generation options based upon fossil fuels. The price data offered in this comprehensive research study from the International Renewable Energy Agency (IRENA) validates exactly how decisively the tables have transformed.

The essential findings are readily available in Arabic (عربي), Chinese (中文), French (français), German (Deutsch), Japanese (日本語), Spanish (español).

Over half of the renewable capacity added in 2019 achieved reduced power expenses than brand-new coal. New solar as well as wind projects are undercutting the least expensive of existing coal-fired plants, the report finds. Public auction results reveal these favourable cost trends for renewables accelerating.

See the interactive infographic on How Falling Costs Make Renewables a Cost-effective Investment

Solar as well as wind power expenses have actually remained to drop, complementing the elder bioenergy, geothermal and also hydropower innovations. Solar photovoltaics (PV) reveals the sharpest cost decrease over 2010-2019 at 82%, complied with by focusing solar energy (CSP) at 47%, onshore wind at 40% and offshore wind at 29%.

Electricity prices from utility-scale solar PV fell 13% year-on-year, reaching virtually 7 cents (USD 0.068) per kilowatt-hour (kWh) in 2019. Onshore as well as offshore wind both dropped concerning 9% year-on-year, getting to USD 0.053/ kWh as well as USD 0.115/ kWh, specifically, for freshly commissioned jobs. Costs for CSP, still the least-developed amongst solar as well as wind innovations, dropped 1% to USD 0.182/ kWh.

To name a few implications:

• Changing the costliest 500 gigawatts of coal capability with solar and also wind would cut annual system expenses by approximately USD 23 billion annually as well as produce a stimulation worth USD 940 billion, or around 1% of global GDP.
• Changing the costliest coal capacity with renewables would certainly also reduce annual carbon dioxide (CO2) emissions by around 1.8 gigatonnes, or 5% of in 2014's worldwide overall.
• By 2021, up to 1 200 gigawatts of existing coal-fired capability would certainly cost even more to run than new utility-scale solar PV would cost to mount.
• Proceeding expense decreases validate the need for eco-friendly power as a low-cost climate and also decarbonisation option, straightening temporary economic demands with tool- as well as long-lasting lasting growth goals.
• Renewable power setups might develop a key part of financial stimulation plans in the wake of the COVID-19 pandemic.

Along with reviewing general price patterns and also their drivers, the record analyses set you back parts carefully. The evaluation covers around 17 000 eco-friendly power generation projects from all over the world, together with data from 10 700 public auctions and power acquisition arrangements for renewables.

Download report:

IRENA_Power_Generation_Costs_2019