Renewable Energy Is Now The Cheapest Option – Even Without Subsidies

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In recent years, the world has marched towards renewable energy. 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.

A fishing boat in the North Sea in front of wind turbines producing renewable energy between Bensersiel and the island Langeoog in Germany. Germany has a goal to generate 65% of its electricity from renewable sources by 2030.

Among other findings the IRENA report highlights that:

  • Onshore wind and solar PV 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.
  • Low and falling technology costs make renewables the competitive backbone of energy decarbonization – a crucial climate goal.
  • Cost forecasts for solar PV and onshore wind continue to be revised as new data emerges, with renewables consistently beating earlier expectations.