The lingering myth that renewable electricity is more expensive than fossil fuels is “at best outdated, and at worst a dangerous fallacy,” the International Renewable Energy Agency states in its latest report, Renewable Power Generation Costs in 2014.
“The goal of this report is to reduce uncertainty about the true costs of renewable power generation technologies, so that governments can be more ambitious and efficient in their policy support for renewables.”
IRENA’s research shows that “biomass, hydropower, geothermal, and onshore wind are all competitive with or cheaper than coal, oil, and gas-fired power stations, even without financial support and despite falling oil prices,” the Abu Dhabi-based agency reports. “Solar photovoltaic (PV) is leading the cost decline, with solar PV module costs falling 75% since the end of 2009 and the cost of electricity from utility-scale solar PV falling 50% since 2010.”
“Renewable energy projects across the globe are now matching or outperforming fossil fuels, particularly when accounting for externalities like local pollution, environmental damage, and ill health,” said IRENA Director-General Adnan Z. Amin. “It has never been cheaper to avoid dangerous climate change, create jobs, reduce fuel import bills, and future-proof our energy system with renewables.” (h/t to Clean Energy Review)