Wind and PV projects could be flowing electricity at $0.03/kWh or less inside the next two years as cost trajectories continue their precipitous decline, according to a new report from the International Renewable Energy Agency (Irena).
Global weighted average costs over the last 12 months for onshore wind and PV now stand at $0.06/kWh and $0.10 cents/kWh respectively, by Irena’s calculations, with recent auction results suggesting future projects will “significantly undercut” these figures – while further undermining the argument for fossil fuel-powered generation, currently ranging from $0.05-0.17/kWh.
