Renewable Energy Generation Costs in 2020

According to the report published by the International Renewable Energy Agency (IRENA), in 2020 the costs of renewable technologies continued to register a significant year-on-year drop. The global weighted average levelized cost of electricity (LCOE) from new onshore wind capacity additions decreased 13% compared to 2019. Over the same period, the LCOE for offshore wind fell 9% and that for utility-scale solar photovoltaics (PV) fell 7%. The share of renewable energy that had lower costs than the most competitive fossil fuel-based option reached 62%, ie doubled in 2020. The report also shows that new renewables outperform existing coal plants in terms of operating costs.