The cost of onshore wind and photovoltaic power generation will continue to decline in 2020

The International Renewable Energy Agency (IRENA) reported on Wednesday that the cost of electricity generated by onshore wind and solar photovoltaic (PV) technologies will continue to be lower than any fossil fuel source next year, driving the development of
zero-carbon energy.

IRENA said the trend of lower prices for renewables has been established and that "in the absence of financial assistance, onshore wind and solar PV will continue to provide new sources
of electricity that are cheaper than low-cost fossil fuel alternatives.
" ”

Data compiled by the agency shows that the global weighted average cost of concentrated solar power fell 26 percent last year compared to the same period last year, biomass fell 14 percent, solar PV and onshore wind fell 13 percent, hydropower fell 12 percent, and geothermal and offshore wind fell 1 percent
.

In some parts of the world, onshore wind and solar PV power costs $0.
04 per kWh per kWh
.

Over the past few years, Chile, Mexico, Peru, Saudi Arabia and the United Arab Emirates have seen solar PV auction prices hit record lows of just $0.
03/kWh
.

More than three-quarters of onshore wind and one-fifth of large-scale solar PV capacity will be priced below the cheapest new coal, oil or gas resources
next year, the report said.

At the beginning of last year, IRENA predicted that by 2020, the global average electricity cost of onshore wind could fall below $0.
049/kWh, and the price of solar PV could fall to $0.
055/kWh
.
But the new report shows that "the potential cost of onshore wind fell another 8% to $0.
045/kWh in 2020, while the potential cost of solar PV fell 13% to $0.
048/kWh
.
" ”