A major new global report has predicted huge reductions in the cost of electricity generated by renewables over the coming decade, that could see the global average cost of electricity from solar PV and onshore wind fall to roughly 5-6 US cents per kilowatt hour by 2025. The report, published by the International Renewable Energy Agency (IRENA), forecasts that by 2025, the levellised cost of electricity (LCOE) generated by solar thermal by 43 per cent (depending on the technology used), by 26 per cent for onshore wind and by 35 per cent for onshore wind. In the case of solar PV, IRENA estimates the average LCOE could fall by as much as 59 per cent – mirroring the 58 per cent price drop that occurred between 2010-15, that has already made the technology increasingly competitive at utility scale.
Renew Economy 16th June 2016 read more »