Onshore solar and wind power are now the cheapest new sources of electricity for at least two-thirds of the world's population, according to BNEF (BloombergNEF), an international research organization. In a report released today, the cost of photovoltaic energy fell 4% to US$50 per MWh. The price for wind projects fell 9% to US$44 per MWh.
According to BNEF, costs are even lower in countries such as Brazil, the United States and China. “Best-in-class solar and wind projects will be below $20 per MWh before 2030,” said Tifenn Brandily, an analyst at BNEF. Today, for example, solar costs $38 in China, while onshore wind costs $37 in the United States and $30 in Brazil.
Comparing prices
A decade ago, solar cost more than $300 per MWh, and wind cost more than $100 per MWh. Battery storage is also becoming more competitive. The cost has fallen to $150 per MWh, about half the level two years ago.
Solar and wind are the fastest growing sources
According to IRENA (International Renewable Energy Agency), the Photovoltaic energy recorded an increase of 2019 GW (+98%) in 20 compared to 2018. Wind power comes in second with an increase of 59 GW (+ 10%). The study also points out that both sources account for 90% of all net renewable additions in 2019.
