Wind and solar are 30-50% cheaper than thought, admits UK government. Electricity generated from wind and solar is 30-50% cheaper than previously thought, according to newly published UK government figures. The new estimates of the “levelised cost” of electricity, published this week by the Department for Business, Energy and Industrial Strategy (BEIS), show that renewables are much cheaper than expected in the previous iteration of the report, published in 2016. The previously published version had, in turn, already trimmed the cost of wind and solar by up to 30%. As a result, electricity from onshore wind or solar could be supplied in 2025 at half the cost of gas-fired power, the new estimates suggest. The new report is the government’s first public admission of the dramatic reductions in renewable costs in recent years. It had previously carried out internal updates to its cost estimates, in both 2018 and 2019, but these were never published despite repeated questions in parliament.
Carbon Brief 27th Aug 2020 read more »