Oil Economy Focus Rapid Review
The cost of generating power from onshore wind has fallen by around a quarter since 2010; solar photovoltaic (PV) electricity costs have fallen by 73 per cent in that time and are expected to halve by 2020. In the last 12 months, bioenergy, geothermal and hydropower projects have competed head-to-head on costs with power from fossil fuels. “This new dynamic signals a significant shift in the energy paradigm,” said Adnan Z. Amin, IRENA Director-General. “These cost declines across technologies are unprecedented and representative of the degree to which renewable energy is disrupting the global energy system.”
LINK TO THE SOURCE ARTICLE:
IRENA: All Renewable Technologies Could Be Competitive By 2020
