Electricity produced from renewable energy sources is now cheaper than ever

The electricity produced by new photovoltaic plants and wind farms on the ground is today cheaper than that produced with fossils

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Electricity from new photovoltaic plants and ground-based wind farms is now cheaper than electricity from new coal-fired power plants. But not only. The cost of electricity from photovoltaic systems has decreased by 90% since 2009.

This was revealed by the “Lazard Levelized Cost of Energy Analysis”, a study that examined the path of renewables, at the center of the transition towards a sustainable energy future and the fight against climate change.

Historically, renewables were expensive and their price was not competitive with fossil fuels. But today the situation has turned around, especially if we look at the last decade.

Renewable energies are the cheapest sources of energy

While fossil fuels still account for the majority of global energy consumption, renewables follow suit. Suffice it to say that the share of clean global electricity has grown from 18% in 2009 to nearly 28% in 2020.

Furthermore, according to the analysis, they become increasingly cheaper as installed capacity increases. The table below gives an idea of ​​the variation in costs. It can be seen that both photovoltaics and onshore wind have recorded a net drop in the price of energy compared to a decade ago:

@Lazard

On the contrary, the price of electricity produced from coal has remained more or less the same, in fact it has risen slightly by 1%. Not to mention the energy produced by nuclear power, which has become 33% more expensive due to increased regulations and a lack of new reactors.

The future now seems sealed. Given the rate at which the cost of renewables is falling, it is only a matter of time before they become the primary source of our electricity production.

Several countries have committed to zero net CO2 emissions by 2050. This is why renewables will most likely cover more than half of the world's electricity production by mid-century.

For the complete study click here

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