Renewable energy costs for residents falling dramatically
A new cost analysis conducted by the International Renewable Energy Agency (IRENA) found that the price of renewable energy installations, including photovoltaic systems, concentrated solar power, wind power and hydropower, has fallen significantly, making them more appealing to homeowners and small businesses.
The report found that companies that provide renewable energy technologies are engaging in an increasingly competitive environment. Renewable energy has become one of the most economic choices for off-grid energy consumption, the report stated. The analysis was based on a comprehensive study of the cost and performance of renewable energy, collected by IRENA, which covers several renewable energy sources.
"A renewable revolution is underway. These papers show that the rapid deployment of renewable power generation technologies, and the corresponding rapid decline in costs, are sustaining a virtuous circle," said IRENA director general Adnan Z. Amin.
For example, the report points to the costs of solar PV installations, which have fallen by 60 percent in the last two years to as little as $1 per watt. This drop is highly competitive with existing residential electricity rates.