Renewable energy getting cheaper, new report claims

Solar energy is getting cheaper  a new report claims 16000646 800480506 0 0 7063643 300

Renewable energy sources are getting cheaper, according to a new report from the International Renewable Energy Agency (IRENA).

This could be good news for consumers, who will potentially see lower electricity prices in the future as Australia looks to invest in the renewable energy boom.

The analysis consisted of five studies, each covering a different form of clean energy, including solar PV and CSP, wind, hydro and biomass.

Solar energy was provided as one example of the decreasing costs of renewables, with costs of crystalline silicon PV modules falling by over 60 per cent over the last two years.

This is just the beginning, according to IRENA’s director-general, Adnan Amin, who believes that a revolution in clean energy production may be 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 Mr Amin.

The report was released as part of IRENA's latest council meeting, which took place in Abu Dhabi on June 5 and 6.

IRENA was founded in January 26 2009, with the aim of bringing together the global community in order to advance the adoption and use of renewable energy as part of preserving a sustainable future.

Posted by Charlie Moore