Renewable energy now cheaper than fossil-based

Energy from renewable sources begin to seriously compete on price with fossil-based energy, despite oil price fall, shows report.

In the report, "Renewable Power Generation Costs in 2014" concluded that biomass, hydro, geothermal and onshore wind, without financial support, is more competitive than coal, oil and gas.

Solar photovoltaic is leading the cost decline, with solar PV module costs falling 75 per cent since the end of 2009 and the cost of electricity from utility-scale solar PV falling 50 per cent since 2010, it said.

“The game has changed; the plummeting price of renewables is creating a historic opportunity to build a clean, sustainable energy system and avert catastrophic climate change in an affordable way,” Adnan Z Amin, director-general of Irena said.