David Carlin of UNEP FI shared an insightful comparison; renewable technology costs vs fossil fuel costs.
Renewables were beating fossil fuels on cost in over 80% of projects in 2023.
Some impressive stats from the International Renewable Energy Agency (IRENA) on the plummeting levelized cost of energy (LCOE), which corrects for differences in capacity factors between different energy sources.
Back in 2010, solar PV was 414% more expensive than fossil fuels. Fast forward to 2023, solar beat fossil fuels by 56%.
Wind? Offshore wind has gone from 126% more expensive than fossil fuels to being 25% cheaper. And onshore wind costs were 67% lower.