This report published by the International Renewable Energy Agency (IRENA) presents its findings upon the newly installed renewable power capacity. Renewable energy is found to be increasingly less costly than the cheapest power generation options, based on fossil fuels.
This publication presents the cost data presented upon the topic, reviewing overall cost trends and their drivers, and analyses cost components in detail. The analysis spans around 17,000 renewable power generation projects from around the world, along with data from 10,700 auctions and power purchase agreements for renewables.
This report highlights:
- This comprehensive cost study, drawing on cost and auction price data from projects around the world, highlights the latest trends for each of the main renewable power technologies.
- Continuing cost declines confirm that competitive renewables are a low-cost climate and decarbonisation solution, that align short-term economic needs with medium- and long-term sustainable development goals.
- Renewable power installations could form a key component of economic stimulus packages in the wake of the COVID-19 pandemic.