Solar and Wind Power Experienced Impressive Cost Reduction between 2010 and 2022

The global weighted-average Levelized Cost of Electricity (LCOE) of newly commissioned utility-scale solar PV projects declined from USD  0.445/kWh to USD 0.049/kWh between 2010 and 2022 – a decrease of 89%. 

At the same time the cost of electricity generated by power plants burning fossil fuels stayed in the range USD  0.080/kWh to USD 0.240/kWh. 

 

Source: IRENA, 2022

Electric and hybrid car sales reached almost 90% of total September car sales in Norway

 ... and the country leads the world in the percentage of electric and hybrid cars on its roads (see the chart below). 

The monthly cost of owning a mid-sized electric car in Norway averaged over a four-year period ($883)  is substantially lower than for petrol ($1,002) and diesel ($1,075)  cars. The costs include fuel, depreciation, taxes, insurance, and maintenance.

While in 2019 the total world's electric car stock was around 7.5 million, or just 1.5-2% of the total world's car stock, continuously decreasing battery prices together with undeniable environmental benefits will inevitably lead to hybrid and electric car domination all around the world within the next couple of decades.

Life cycle CO2 emissions for EVs are twice lower than for gasoline cars

Currently EV production results in higher emissions than the making of gasoline cars - mostly due to manufacturing of the EV lithium-ion battery.

Based on the average U.S. electricity grid emissions, producing a midsize, mid-range (84 miles per charge) EV similar to a Nissan LEAF typically results in 15 percent greater emissions than in manufacturing a similar gasoline vehicle. At the same time, replacing gasoline use with electricity reduces overall emissions by 51 percent over the life of the car.

A full-size long-range (265 miles per charge) EV similar to a Tesla Model S, increases manufacturing emissions by 68 percent over the gasoline version.

Costs comparison of electricity generated by renewables, nuclear and fossil fuels - solar and wind are the cheapest

Source: LAZARD’S LEVELIZED COST OF ENERGY ANALYSIS, VERSION 13.0. November 2019.

No comments are needed to the above diagram...

Renewable energy is now the cheapest source of power generation in some countries

Breakdown of utility-scale solar PV total installed costs in G20 countries, 2018

         Source: IRENA, 2019

Released just before UNFCCC's COP25 IRENA's report reveals the latest cost trends for each of the main renewable power generation technologies.

Low carbon technologies are now cost competitive with fossil fuels

The Lloyd’s Register Technology Radar – Low Carbon, analyses the outlook for renewables, nuclear, grid and infrastructure, and energy storage, based on opinions of almost 600 professionals and experts around the world. The report examines the technological future of low carbon across power generation, transmission, distribution and energy storage.

Extreme weather disasters, induced by global warming, cost U.S. $67 Billion

Between 2005 and 2015, the presidents of the U.S. issued 832 separate emergency or disaster declarations for which Federal Emergency Management Agency (FEMA) provided either public assistance—defined as funding for state, tribal, and local governments—or individual assistance in the form of grants typically made to homeowners and renters whose home damage was not covered by homeowners insurance.

Too hot to work... rising temperatures reduce productivity

Global warming will cost the world over $2 trillion a year in lost productivity by 2030, according to the study, published by the researchers from New Zealand.

Solar power to expand sixth fold by 2030 and to become cheapest energy resource

According to the International Renewable Energy Agency's report solar plants utilizing photovoltaic technology could account for 8% to 13% of global electricity produced in 2030, compared with 1.2 % at the end of last year. The average cost of electricity generated from solar panels is expected to drop as much as 59% by 2025.

IRENA forecasts further solar and wind power cost downfall

In its recent report The Power to Change: Solar and Wind Cost Reduction Potential to 2025, International Renewable Energy Agency finds that by 2025 – with the right regulatory and policy frameworks in place – average electricity costs could decrease 59% for solar photovoltaics (PV), 35% for offshore wind, 26% for onshore wind, and up to 43% for concentrated solar power compared to 2015.  

Can concentrated solar power compete with photovoltaics?

Technical problems, including fire at the world's largest solar plant, are the least among the challenges, which concentrated solar power technology faces. At the time when Ivanpah Solar Power Facility (California) was just a proposal in 2007, the cost of electricity made using concentrated solar power technology was approximately the same as that from photovoltaic solar panels.

Germany decided to replace feed-in tariffs with energy auctions to cut costs of renewables

Feed-in tariffs worked well in the past, when renewable energy was still relatively expensive and number of installations was comparatively low. Germany went from 6 percent renewables share in 2000 to more than one-third in 2015, while photovoltaic solar costs, for example, dropped by 80 percent.

El Niño-induced weather extremes this year have cost billions of dollars in damage

According to Climate Central's analysis, exceptionally strong El Niño this year caused weather transformation leading to disastrous events like tornadoes, droughts, wildfire, floods, food and water shortages all over the world. El Niño shifts a large pool of warm ocean waters from the western to the central and eastern tropical Pacific, disrupting its typical atmosphere circulation patterns, what can impact weather thousands of miles away.

Energy efficiency costs are 1.5-3.5 times less than costs of new power generation

While energy efficiency investments reduce energy use and energy bills, the energy efficiency measures do have an up-front cost, which is ultimately covered by energy bill savings. 

Berkeley Lab researchers: saving energy is still cheap

Comprehensive study conducted by researchers from Berkeley National Laboratory showed that the average full cost of saving electricity by U.S. utility efficiency programs is 4.6 cents. Efficiency programs and participants have split the cost of saving electricity almost right down the middle—on average paying roughly 2.3 cents per kilowatt-hour each (see Figure above).

New energy efficiency business model with no upfront costs

Historically upfront costs were the greatest barrier to energy efficiency upgrades. The Property Assessed Clean Energy (PACE) program in California created the ability to use energy cost savings as a source of cash.

About hidden costs of greenhouse gas emissions.

If so called “climate damages” are added , a gallon of regular gas in the United States would really cost $6.25! 

Hidden costs of greenhouse gas emissions.

The study, published in the journal Climatic Change, is the first to pull together a proper accounting of the hidden costs of greenhouse gas emissions. It shows the true (and much higher) cost that Americans  pay in dollars at the pump and light switch—or in human lives at the emergency room. If all greenhouse gas  damages are added in like the gas tax, a gallon of regular in the United States would really cost $6.25. The price of diesel would be a whopping $7.72 a gallon. Read more at http://qz.com