Costs for renewables continued to fall in 2021 as supply chain challenges and rising commodity prices have yet to show their full impact on project costs, finds a new report from the International Renewable Energy Agency (IRENA).
The new report, aptly titled Renewable Power Generation Costs in 2021, shows that almost two thirds or 163GW of newly installed renewable power in 2021 had lower costs than the world’s cheapest coal-fired option in the G20.
For IRENA, it says this confirms the critical role that cost-competitive renewables play in addressing today’s energy and climate emergencies by accelerating the transition in line with the 1.5°C warming limit and the Paris Agreement goals.
The report finds the cost of electricity from onshore wind fell by 15%, offshore wind by 13% and solar PV by 13%, compared to 2020.
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