Renewable energy will be cheaper than fossil fuels by 2020.
That’s according to the International Renewable Energy Agency (IRENA), which suggests this will be driven by rising investments in clean power projects, which will in turn cut the cost of energy for consumers.
Although some forms of green generation can already compete with fuels like coal, oil and gas, the report expects all of the renewable power technologies currently in commercial use will “fall within the fossil fuel-fired cost range”.
IRENA expects renewables will cost between 2p and 7p by this time, with onshore wind and solar power to be among the cheapest within this range.
The group expects the other, slightly more expensive sources of clean power to come down in price in the years following.
Adnan Amin, Director General of IRENA, said: “Turning to renewables for new power generation is not simply an environmentally conscious decision, it is now – overwhelmingly – a smart economic one.”