News: IRENA Forecasts Average Costs for Solar and Wind Electricity Could Fall 59% by 2025

With advancement of policies and technologies, the global installation capacity of solar and wind energy has continued to grow in the past few years. According to the report ‘The Power to Change: Solar and Wind Cost Reduction Potential to 2025’ recently released by the International Renewable Energy Agency (IRENA), the average costs for electricity generated by solar and wind technologies are expected to continue falling, should the right regulatory and policy frameworks be in place.

According to the report, by 2025 electricity generated using solar PV technology is likely to see the cost decreased by 59% compared to the cost in 2015, while the cost reductions for offshore wind and onshore wind are estimated to reach 35% and 26%, respectively. By 2025, the global average cost of electricity from solar PV and onshore wind will be around 5 to 6 US cents per kilowatt hour.

Source: IRENA

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