Costs for solar and wind could fall 59% by 2025

IRENA launched a new report revealing that the dramatic cost reductions we’ve seen in recent years for solar and wind electricity will continue well into the future. It finds that by 2025 – with the right regulatory and policy frameworks in place – average electricity costs could decrease 59 per cent for solar photovoltaics (PV), 35 per cent for offshore wind, 26 per cent for onshore wind, and up to 43 per cent for concentrated solar power compared to 2015. Given that solar and wind are already the cheapest source of new generation capacity in many markets around the world, this further cost reduction will broaden that trend and strengthen the compelling business case to switch from fossil fuels to renewables.


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