Renewable Power Generation Costs Reduction - 2020 Overview in the Recent Study of IRENA Released in 2021 with LCOE of Renewable Energy Technologies
/LONDON, June 30, 2021, IRENA, Renewable Market Watch™/
Installing Between 2000 and 2020, renewable power generation capacity worldwide increased 3.7‑fold, from 754 gigawatts (GW) to 2 799 GW, as their costs have fallen sharply, driven by steadily improving technologies, economies of scale, competitive supply chains and improving the developer experience. Costs for electricity from utility-scale solar photovoltaics (PV) fell 85% between 2010 and 2020. Renewables are becoming more and more competitive in the energy landscape. The data from the IRENA Renewable Cost Database shows cost declines continued in 2020, with the cost of electricity from utility-scale solar photovoltaics (PV) falling 7% year-on-year, offshore wind fell by 9%, onshore wind by 13% and that of concentrating solar power (CSP) by 16%.
The decade 2010 to 2020 saw renewable power generation becoming the default economic choice for new capacity. In that period, the competitiveness of solar (concentrating solar power, utility‑scale solar photovoltaic) and offshore wind all joined onshore wind in the same range of costs as for new capacity fired by fossil fuels, calculated without financial support. Indeed, the trend is not only one of the renewables competing with fossil fuels, but significantly undercutting them, when new electricity generation capacity is required.
IRENA has, for over a decade, highlighted the essential role renewable power generation will play in the energy transition, as the opportunities for cost reduction were time and again, demonstrated, and then, in many cases, exceeded as smart policy and the razor-sharp focus of industry combined to unlock better performance and lower costs. The insights from IRENA’s data bear witness to the fruits of IRENA’s pluriannual programme of work and its focus on providing our Member States with the facts they need to support the energy transition at home. With falling renewable power generation costs, updates to Nationally Determined Contributions (NDC) need to consider the opportunities that have emerged in recent years. Countries can be more ambitious, and IRENA is ready to support them in that process.
The more information about the cost of renewable energy you may read here: IRENA Power Generation Costs Report 2020
The more information about the global renewable power market in including full contact details of renewable project owners and developers you may read here: Global Renewable Energy Market Outlook 2021 ÷ 2030 - Industry Insights, Trends, Opportunities, Investments and Forecasts
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