According to the ear-pleasing Renewable Power Generation Costs in 2014 report by IRENA, there’re plentiful reasons why anyone in the right mind would be rooting for renewable energy in coming years. Data has irrevocably shown that even without financial aid or incentives, renewables are successful in playing catch-up with costs of traditional fossil fuels. Take some time to chew on these figures:
- In many countries, including Europe, onshore wind power is one of the most competitive sources of new electricity capacity available. Individual wind projects are consistently delivering electricity for USD 0.05 per kilowatt-hour (kWh) without financial support, compared to a range of USD 0.045 to 0.14/kWh for fossil-fuel power plants
- The average cost of wind energy ranges from USD 0.06/kWh in China and Asia to USD 0.09/kWh in Africa. North America also has competitive wind projects, with an average cost of USD 0.07/kWh
- Solar PV module prices have dropped 75% since 2009 and continue to decrease.
- When damage to human health from fossil fuels in power generation is considered in economic terms, along with the cost of CO2 emissions, the price of fossil fuel-fired power generation rises to between USD 0.07 and 0.19/kWh.
IRENA has also brilliantly came up with a very insightful and easy-to-use online tool displaying statistics and data visualisation on renewable energy usage and ranking by region and countries. Stats junkies can start squealing now. Of note-worthiness are sections on country rankings of installed RE capacity (China of whopping twice the amount of USA) and RE tech employment by country (Why’re UK and US so low on their employment numbers?).
1. What’s the difference between Solar PV versus Concentrating Solar PV (CSP)?
Answer: CSP refers to solar thermal energy through the use of mirrors or lenses to concentrate a large area of sunlight on a small area.
2. What’s LCOE?
Answer: Levelised cost of electricity, a ratio of lifetime costs to lifetime electricity generation.