|Nov 21, 2012|
Renewable power costs continue to fall
|(Nanowerk News) Renewable energy has become the most cost-effective way to generate electric power for hundreds of millions of people worldwide who are not on the grid, a new International Renewable Energy Agency (IRENA) policy brief reveals. Renewable energy has also become the least-cost option for extending grid supply in areas with suitable resources, such as sun and wind.|
The findings serve as a wake-up call to policy-makers on the declining cost of renewables.
“A renewable revolution is underway,” says Dolf Gielen, IRENA’s Innovation Director. “Recent years have seen consistent, sometimes dramatic, falls in the cost of electricity from renewables – making it the cheapest option off-grid, and even on-grid in places with plentiful resources.”
“The message is clear: renewable energy today is often the cheapest option to meet rising demand for electricity – even without subsidies. It is also healthier, and better for the environment. A renewable energy future is now bankable, and there are further cost reductions to come.”
Highlights of the IRENA publication, “Renewable Power Generation Costs” (pdf) include:
|By way of comparison, electricity generated from fossil fuel typically costs between USD 0.06 and 0.12/kWh in OECD countries – excluding the cost of transmission and distribution.|
|Source: International Renewable Energy Agency|
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