Renewable energy costs are in freefall. What that could mean

[Oscar]

Renewable energy costs are in freefall. What that could mean for Canada

[ https://www.theweathernetwork.com/ca/ne ... for-canada ]

Daniel Martins Digital Reporter July 26, 2021

The writing’s been on the wall for coal for awhile, and in 2020, it just couldn’t compete with renewable energy when it came to new installations.

That’s according to a new report by the International Renewable Energy Agency (IRENA), which found that 62 per cent of renewable energy capacity that came online last year cost less to install than the cheapest fossil fuel option. In real terms, that’s a total of 162 GW that was cheaper to install than coal, around double what it was in 2019. [ https://www.irena.org/publications/2021 ... ts-in-2020 ]

The costs of individual types of renewables fell as well. IRENA reports concentrating solar power fell 16 per cent, onshore and offshore wind by 13 and 9 per cent respectively, and solar photovoltaic cells (PV) by 7 per cent. Operating costs continue to undercut coal as well, and IRENA expects 2020’s renewables installations will save US$156 billion (C$195 billion) in emerging economies over the course of their lifespan.

That drastic fall in both installation and operating costs bodes well for the fight against climate change, IRENA’s director-general, Francesco La Camera, said in a release from the group. [ https://www.irena.org/newsroom/pressrel ... el-on-Cost ] . . . . .