RES have become world the most affordable new source of energy

A comprehensive study was conducted by the International renewable energy Agency (IRENA). In the published report “Costs of renewable energy in 2018”, experts say that in most world’s regions RES have become the most affordable new source of energy.

The numbers prove that the reduction in the cost of all types of clean energy was very noticeable in 2018. Thus, biofuels were reduced by 14%, solar energy and land wind — by 13%, hydropower — by 12%. Geothermal power and offshore wind power were reduced by 1%.

According to the authors of the report, in the future a long-term prices reduction will increase the popularity of RES and make them the cheapest source of energy in various regions.

By the way, the solar energy and coastal wind today is often cheaper than fossil fuels. For example, due to the development of solar energy, electricity tariffs reduce to $0.03 per KWh in countries such as Chile, Mexico, Peru and the UAE.

The Agency IRENA predict that among the projects that will be started until next year, three-quarters of the ground wind and four-fifths of solar installations will provide cheaper energy than any coal, oil or gas stations.