IRENA’s latest global cost study shows solar and wind power reaching new price lows. The report highlights cost trends for all major renewable electricity sources.

IRENA’s latest global cost study shows solar and wind power reaching new price lows. The report highlights cost trends for all major renewable electricity sources.

This is the fifth study in a series on the future costs of generating electricity. It reviews cost estimates for power plants using nuclear, coal, gas and renewable energy sources.

This study presents options to speed up the deployment of wind power, both onshore and offshore, until 2050. It builds on IRENA’s global roadmap to scale up renewables and meet climate goals.

This study presents options to fully unlock the world’s vast solar PV potential over the period until 2050. It builds on IRENA’s global roadmap to scale up renewables and meet climate goals.

America has officially entered the “coal cost crossover” – where existing coal is increasingly more expensive than cleaner alternatives. Today, local wind and solar could replace approximately 74 percent of the U.S. coal fleet at an immediate savings to customers. By 2025, this number grows to 86 percent of the coal fleet. This analysis complements existing research into the costs of clean energy undercutting coal costs, by focusing on which coal plants could be replaced locally (within 35 miles of the existing coal plant) at a saving. It suggests local decision-makers should consider plans for a smooth shut-down of these old plants—assessing their options for reliable replacement of that electricity, as well as financial options for communities dependent on those plants. This report should begin a longer conversation about the most cost-effective replacement for coal, which may include combinations of local or remote wind, solar, transmission, storage, and demand response.