Over the same period, the LCOE of offshore wind fell by 9% and that of utility-scale solar photovoltaics (PV) by 7%. In 2020, the global weighted-average levelised cost of electricity (LCOE) from new capacity additions of onshore wind declined by 13%, compared to 2019.Costs for electricity from utility-scale solar photovoltaics (PV) fell 85% between 20. See the interactive infographic on how Low Renewable Costs Allow To Power Past Coal.īetween 20, renewable power generation capacity worldwide increased 3.7‑fold, from 754 gigawatts (GW) to 2 799 GW, as their costs have fallen sharply, driven by steadily improving technologies, economies of scale, competitive supply chains and improving developer experience. Indeed, the trend is not only one of renewables competing with fossil fuels, but significantly undercutting them, when new electricity generation capacity is required. In that period, the competitiveness of solar (concentrating solar power, utility‑scale solar photovoltaic) and offshore wind all joined onshore wind in the same range of costs as for new capacity fired by fossil fuels, calculated without financial support. The decade 2010 to 2020 saw renewable power generation becoming the default economic choice for new capacity.
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