Renewable energy offers hope for energy cost falls

Manufacturers can look to the continuing slide in costs for producing energy from renewable resources, according to the latest report by the International Renewable Energy Agency (Irena).

The report, released in advance of a meeting in Abu Dhabi preparing for the UN Climate Action Summit in September, found the cost of renewable generation fell to a record low in 2018.

The global weighted-average cost of electricity from concentrating solar power declined by 26 per cent in the year

The cost of bioenergy fell by 14 per cent, solar photovoltaics (PV) and onshore wind by 13 per cent, hydropower by 12 per cent and geothermal and offshore wind by one per cent.

Cost reductions for solar and wind power technologies are set to continue into the next decade, the new report finds.

Irena’s director general, Francesco La Camera said it was clear renewable energy offered the lowest-cost climate solutions.

La Camera said: “Renewable power is the backbone of any development that aims to be sustainable.”

Globally, renewable energy capacity is now 2,351 Gigawatts, about around a third of total installed electricity capacity.

Picture: Precision Components

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