Renewable revolution: declining costs, surging capacity
By Cleantechnica on 25 January 2013
The renewable energy revolution is under way. Renewable power generation now accounts for around 50% of all new power generation capacity installed worldwide.Cleantechnica
The combination of rapid deployment and high learning rates for technology “has produced a virtuous circle that is leading to significant cost declines and is helping fuel a renewable revolution,” according to a new global study of renewable power generation costs in 2012 produced by IRENA, the International Renewable Energy Agency, which announced it is establishing its global headquarters in the United Arab Emirates during last week’s Abu Dhabi Sustainability Week.
“Renewable technologies are now the most economic solution for new capacity in an increasing number of countries and regions,” IRENA concluded upon analyzing the levelized cost of electricity (LCOE) among the some 8,000 renewable power projects in its database and related literature.
IRENA: “Renewable Power Generation Costs in 2012: An Overview”
According to the IRENA report authors:
“Where oil-fired generation is the predominant power generation source (e.g. on islands, off-grid and in some countries) a lower-cost renewable solution almost always exists today.
“Renewables are also increasingly the most economic solution for new grid-connected capacity where good resources are available. As the cost of renewable power drops, the scope of economically viable applications will increase even further.”
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