Not long ago, coal was the cheapest form of energy. Now, solar and wind plants are half the cost of new coal plants. Cheap renewable energy and low-priced batteries are anticipated to lead to wind and solar producing 50 percent of the world’s electricity generation by 2050.
Renewable energy sources are beginning to take over the power sector with low-carbon alternatives producing environmental benefits at a low cost. Advances in technology are driving the price of renewable energy sources down. The dangers of climate change are setting in motion the move to renewable energy. The International Renewable Energy Agency (IRENA) published a report, which announced that the cost of renewable energy is falling at such a rapid rate that it will be a dependably cheaper energy source than traditional fuels in only a few years’ time.
The IRENA report found that solar and onshore wind are the cheapest energy sources. It states that in 2017 wind turbine prices had an average cost of $0.06 per kWh, and at times dropped to $0.04 per kWh. At the same time, the cost of solar photovoltaic (PV) had fallen to $0.10 per kWh. In comparison, electricity produced by fossil fuels typically ran from $0.05 to $0.17 per kWh. This same report predicts that within the next few years, solar and wind will be able to furnish electricity for as little as $0.03 per kWh.
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