Big milestone.

Electrek: Renewable energy costs hit new lows, cheap new power option

The findings come from the International Renewable Energy Agency (IRENA) in its new report, Renewable Power Generation Costs in 2018. The comprehensive study determined that costs “from all commercially available renewable power generation technologies” dropped in 2018:

The global weighted-average cost of electricity declined 26% year-on-year for concentrated solar power (CSP), followed by bioenergy (-14%), solar photovoltaic (PV) and onshore wind (both -13%), hydropower (-12%), geothermal and offshore wind (both -1%), the report finds.

Furthermore, the agency expects that of projects set to be commissioned in 2020, more than three-quarters of onshore wind and four-fifths of utility-scale solar PV “should provide lower-priced electricity than the cheapest new coal-fired, oil or natural gas option.”

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