Average costs for solar- and wind-generated electricity could drop by as much as 26% to 59% by 2025 under the right regulatory frameworks, according to a new report from the International Renewable Energy Agency (IRENA), nawindpower.com reports. The report, “‘The Power to Change: Solar and Wind Cost Reduction Potential to 2025,’ estimates that by 2025, in comparison to 2015, average electricity costs could decrease 59% for solar photovoltaics, 35% for offshore wind and 26% for onshore wind,” according to the article. IRENA’s director-general, Adnan Z. Amin, said while there have already been dramatic decreases in costs for solar and wind power in recent years, “this report shows that prices will continue to drop, thanks to different technology and market drivers.” Those cost reductions “will depend increasingly on balance-of-system costs,” as well as operations and maintenance costs, technology innovations, and project management. Amin said, “[t]o continue driving the energy transition, we must now shift policy focus to support areas that will result in even greater cost declines and thus maximize the tremendous economic opportunity at hand.” For more, read the full article, or click here to read the full report.
Wind and solar prices could drop dramatically by 2025, report says
