Worldwide renewable energy prices drop

Renewable Energy

The United Arab Emirates-based intergovernmental organization International Renewable Energy Agency reported that the global weighted average cost of electricity from solar power decreased last year as much as 26 percent. Onshore wind prices decreased 13 percent, hydro-power by 12 percent and offshore wind prices fell 1 percent.

The cost advantages of renewable energy will strengthen the business case for renewables, according to the report, and solidify the role renewables will play as the engine of global energy transformation.

More than three-quarters of the onshore wind and four-fifths of solar capacity scheduled to launch next year will produce power cheaper than the lowest priced new coal, oil or natural gas options, according to the report.