This article was first published on WePower - Medium
I remember when I started in renewables in 2009, and what were the Levelized costs of energy back then.
Today the cost of renewables is still dropping. “Since 2010, the cost of energy has dropped by 82% for photovoltaic solar, by 47% for concentrated solar energy (CSP) which never took off and could not compete with photovoltaics, by 39% for onshore wind and by 29% for wind offshore,” stated IRENA (International Renewable Energy Agency) in its recent report. Improved technology, economies of scale, supply chain competitiveness, and the growing experience of developers have driven down the costs.
In fact, the increasingly competitive price of renewables is the single most important thing to focus on when talking about climate change.
Instead of trying to find new ways to tackle global warming, we should put all our focus on installing cleaner power all around the planet.
We have arrived at a breaking point where solar has become a solid investment not only for doing good, but also for getting solid returns. In 2010, the 88GW of renewables capacity installed worldwide required the equivalent of $210 billion. Last year, twice that capacity volume was put into service for $253 billion — around 20% more investment, as stated in IRENA’s report.
Thanks to innovations in business models and technology, wind energy is also surging with over 60GW of wind energy capacity installed in 2019, the second-biggest year in history. Growth is expected to continue with over 355GW of wind energy capacity being added over the next five years. This means that 71GW of wind energy will be added each year to by the end of 2024, with offshore wind expanding its share of total wind energy installations to 20% as stated by the Global Wind Energy Council.
The energy coming from renewable sources is already cheaper compared to coal or ...
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