The falling costs of renewable energy
Published on: November 4th, 2021 / Update from: November 4th, 2021 - Author: Konrad Wolfenstein
Falling costs for renewable energy – Image: Andrey_Popov|Shutterstock.com
The world is still a long way from meeting all of its electricity needs with renewable energy, but figures published by Our World in Data show that things are moving in the right direction, at least in terms of costs.
In 2010, generating one megawatt hour of electricity from photovoltaics cost an average of $378 worldwide. And this is without the impact of subsidies that may have existed in some areas. In 2019, that cost has fallen to just $68 - cheaper than nuclear and coal and only slightly behind the most economical option considered in this chart - onshore wind. Wind energy costs, both onshore and offshore, have also fallen since 2010, while the more established methods of nuclear power and coal have either become more expensive or have only experienced a slight decline.
As described by Our World in Data , this price difference is crucial to the increased and rapid adoption of renewable energy sources in the future, and the effects are already being seen: “It is the relative price that is crucial in deciding what type of power plants is built. Has the fall in the price of renewable energies influenced the decisions of power plant builders in recent years? Yes, he has. Wind and solar energy have expanded rapidly in recent years; In 2019, 72 percent of global expansion came from renewable energies.”
The falling costs of renewable energy – Image: Statista
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