Cheapest source of Fossil Fuel generation is Double the cost of Utility-scale solar

[abu afak]

AI Overview

Yes, Renewable energy sources like Solar and Wind are generally Cheaper than Fossil Fuels for new electricity generation in many parts of the world. This is due to the rapid decline in costs of renewable technologies and the rising costs of fossil fuels.

Here's a more detailed breakdown:

• Cost Reduction:
  The cost of renewable technologies like solar PV and onshore wind has decreased significantly in recent years. For example, large-scale solar projects have seen costs plummet by 85% in a decade.
• Global Comparison:
  In 2022, the weighted-average cost of electricity from solar PV was USD 0.049/kWh, which is almost one-third Less than the cheapest fossil fuel globally. Onshore wind was at USD 0.033/kWh, slightly less than Half the cost of the cheapest fossil fuel-fired option, according to the International Renewable Energy Agency (IRENA).
• Fossil Fuel Costs:
  While the cost of fossil fuels can vary, their costs have generally been rising in recent years.
• Technological Advancements:
  Improvements in renewable energy technologies, combined with increasing production and supportive government policies, have contributed to the cost reductions.
• Learning Curves:
  Renewables are also benefiting from "learning curves," where the cost of a technology declines with each doubling of its cumulative deployment, according to Canary Media.

 

[Toddsterpatriot]

AI Overview

Yes, Renewable energy sources like Solar and Wind are generally Cheaper than Fossil Fuels for new electricity generation in many parts of the world. This is due to the rapid decline in costs of renewable technologies and the rising costs of fossil fuels.

Here's a more detailed breakdown:

• Cost Reduction:
  The cost of renewable technologies like solar PV and onshore wind has decreased significantly in recent years. For example, large-scale solar projects have seen costs plummet by 85% in a decade.
• Global Comparison:
  In 2022, the weighted-average cost of electricity from solar PV was USD 0.049/kWh, which is almost one-third Less than the cheapest fossil fuel globally. Onshore wind was at USD 0.033/kWh, slightly less than Half the cost of the cheapest fossil fuel-fired option, according to the International Renewable Energy Agency (IRENA).
• Fossil Fuel Costs:
  While the cost of fossil fuels can vary, their costs have generally been rising in recent years.
• Technological Advancements:
  Improvements in renewable energy technologies, combined with increasing production and supportive government policies, have contributed to the cost reductions.
• Learning Curves:
  Renewables are also benefiting from "learning curves," where the cost of a technology declines with each doubling of its cumulative deployment, according to Canary Media.

If you don't need 24/7 power, they are useful and better than nothing.

For a place with 24/7 power needs, they're more expensive and less reliable.