Solar photovoltaic (PV) and onshore wind are now the cheapest sources of new energy generation sources for at least two-thirds of the global population., according to a new analysis by BloombergNEF (BNEF). The BNEF analysis “shows that the global benchmark levelized cost of electricity, or LCOE, for onshore wind and utility-scale PV, has fallen 9% and 4% since the second half of 2019 – to $44 and $50/MWh, respectively. Meanwhile, the benchmark LCOE for battery storage has tumbled to $150/MWh, about half of what it was two years ago.”
Continuing, “Globally, BNEF estimates that the average onshore wind farm has doubled its capacity from 32 megawatts in 2016 to about 73 megawatts today. Solar farms are a third more powerful today, at 27 megawatts on average, compared to 2016.”
For the complete BNEF report, click here.