Average costs for solar and wind electricity could fall 59% by 2025

16/06/2016 01:54 AST

The average costs for electricity generated by solar and wind technologies could decrease by between 26 and 59 percent by 2025, according to a report released today by the International Renewable Energy Agency (IRENA).

The report, The Power to Change: Solar and Wind Cost Reduction Potential to 2025, finds that with the right regulatory and policy frameworks in place, solar and wind technologies can continue to realize cost reductions to 2025 and beyond.

It estimates that by 2025, average electricity costs could decrease 59 percent for solar photovoltaics (PV), 35 percent for offshore wind, and 26 percent for onshore wind compared to 2015.

Electricity prices for concentrated solar power could also decrease as much as 43 percent, depending on the technology used. By 2025, the global average cost of electricity from solar PV and onshore wind will be roughly 5 to 6 US cents per kilowatt hour.

“We have already seen dramatic cost decreases in solar and wind in recent years and this report shows that prices will continue to drop, thanks to different technology and market drivers,” said IRENA Director-General Adnan Z. Amin.


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