Solar, wind and battery storage now cheapest energy options just about everywhere

Published onApril 30, 2020

Further cost reductions in both large scale solar PV and onshore wind projects mean that these two technologies are now the cheapest form of new build energy generation in areas that count for two thirds of the world’s population, and 85 per cent of the globe’s electricity generation. The latest benchmark report from research company BloombergNEF show that in just the last six months the levelized cost of electricity (LCOE) for onshore wind has fallen a further nine per cent, its most significant drop in five year. The cost of utility scale PV, already down 90 per cent over the past decade, has fallen a further 4 per cent. The takes their respective benchmark, or global average costs taking into account the varied wind and solar resources, to an average of $US44/MWh for wind and $US50/MWh for utility scale solar.