A fresh report has predicted that all renewable energy technologies will compete, and even undercut, fossil fuels on price within the next two years. The cost of solar and onshore wind will plummet dramatically by 2020, according to cost analysis from the International Renewable Energy Agency (IRENA), with solar PV costs expected to halve in that time. By then, both onshore and solar projects could be delivering electricity for around three cents/kWh or less, which is “significantly” cheaper than current fossil fuel power. Other renewable technologies such as bioenergy, geothermal and hydropower have competed with power from fossil fuels in the past year, notes IRENA, thanks to competitive procurement practices and the emergence of a large base of experienced project developers vying for market opportunities.
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