Too bad about the carcinogenic effect … /s
According to a new cost analysis from the International Renewable Energy Agency (IRENA), within two years “all the renewable power generation technologies that are now in commercial use are expected to fall within the fossil fuel-fired cost range, with most at the lower end or undercutting fossil fuels”.
It expects renewables will cost between three and 10 US cents per kilowatt hour (kWh) by 2020, while the current cost spectrum for fossil fuel power generation ranges from five to 17 US cents per kWh.
“This new dynamic signals a significant shift in the energy paradigm,” said IRENA’s Director-General, Adnan Amin, in a statement.
“Turning to renewables for new power generation is not simply an environmentally conscious decision, it is now—overwhelmingly—a smart economic one,” he added.
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