The latest report from the International Renewable Energy Agency (IRENA) shows that compared with the most competitive fossil fuel options, the share of lower-cost renewable energy has doubled in 2020. The cost of the 162 gigawatts (GW) or 62% of the total renewable power generation added last year was lower than the cheapest new fossil fuels.

The cost of renewable energy power generation in 2020 shows that the cost of renewable energy technology continues to drop significantly year-on-year. Concentrated solar power (CSP) fell 16%, onshore wind power fell 13%, offshore wind power fell 9%, and solar photovoltaic fell 7%. Due to the low cost, renewable energy has increasingly weakened the operating costs of existing coal. Low-cost renewable energy provides a strong business case for developed and developing countries to pursue a net-zero economy for coal power generation in the past. New renewable energy projects in 2020 alone will save emerging economies up to US$156 billion in their life cycles.

By 2022, global renewable energy costs will further decline, and onshore wind power will be 20-27% lower than the cheapest new coal-fired power generation program. In the next two years, 74% of all new solar photovoltaic projects that will be competitively purchased through auctions and tenders will have a bid price lower than that of New Coal Power. This trend confirms that low-cost renewable energy is not only the backbone of the power system, but will also be electrified in end-uses such as transportation, construction, and industry, and will enable competitive indirect electrification through renewable hydrogen.

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