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Renewable Energy Is Now The Cheapest Option - Even Without Subsidies
Key Excerpts from Article on Website of Forbes Magazine
Posted: June 28th, 2019
https://www.forbes.com/sites/jamesellsmoor/2019/06/15/renewa...
According to a new report by the International Renewable Energy Agency (IRENA), unsubsidized renewable energy is now most frequently the cheapest source of energy generation. The report finds that the cost of installation and maintenance of renewables, which was an important stumbling block to mass adoption, continues on a downward trajectory. These new statistics demonstrate that using renewable energy is increasingly cost-effective compared to other sources, even when renewables must compete with the heavily-subsidized fossil fuel industry. These lower costs are expected to propel the mass adoption of renewables even further. Among other findings the IRENA report highlights that: Onshore wind and solar PV [photovoltaic] power are now, frequently, less expensive than any fossil-fuel option, without financial assistance. New solar and wind installations will increasingly undercut even the operating-only costs of existing coal-fired plants. Cost forecasts for solar PV and onshore wind continue to be revised as new data emerges, with renewables consistently beating earlier expectations. Further data from REN21's Renewable Global Status Report show that over one fifth of global electrical power production is now generated from renewables. Promising signs in the IRENA report show that ... an increasing number of corporates are entering the renewable energy industry ... meanwhile more than 10 million people are now employed in the global renewable energy industry.
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