A fresh report on the economy of renewable energy was presented at the Assembly of the International Renewable Energy Agency (IRENA). Briefly about it.
IRENA presented a graph that shows the averaged world data on the cost of electricity:
Source: IRENA Renewable Cost Database.
The circles designate the projects in a particular area of renewable energy.
As we can see, most of the projects are still in the cost category of traditional fossil fuel energy, marked by a dark horizontal stripe. Best results are shown by Solar Energy projects.
Solar Energy main points
- Fall in electricity costs from utility-scale solar photovoltaic (PV) projects from 2010 to 2017. The global weighted average levelised cost of electricity (LCOE) of utility- scale solar PV has fallen** 73%, to $0.10/kWh**.
- Record low auction prices for solar PV in Dubai, Mexico, Peru, Chile, Abu Dhabi and Saudi Arabia in 2016 and 2017 confirm that the LCOE can be reduced to USD 0.03/kWh from 2018.
- By 2020, many Solar PV and Wind generation projects will produce the cheapest electricity on earth.
- 81% decrease in solar PV module prices since the end of 2009.
- Total installed cost for utility-scale Solar PV projects is noted in $1388/kW:
- The global weighted average** capacity factor of utility-scale PV systems** increased by 28% between 2010 and 2017, from an average of 13.7% to 17.6%.
In general, the report is very informative. We advise everyone to get acquainted with it.
Stay with the Solar DAO and become part of the green future!
If you enjoyed this story, please click the 👏 button and share to help others find it! Feel free to leave a comment below.