Solar and wind’s stunning cost advantage sparks call for mass coal closure: RenewEconomy

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A new global study has highlighted the growing advantage of wind and solar costs over new and even existing coal generators, so much so that a decision to replace 500GW (gigawatts) of old coal plant with new renewables would deliver annual savings of $23 billion ($A34 billion) and a timely $A1.4 trillion economic boost.

This is one of the headline findings of Renewable Power Generation Costs 2019, put together by the International Renewable Energy Agency, which notes that the cost of solar has fallen by 82 per cent over the past decade and onshore wind by 39 per cent.

This puts the cost of more than half the wind and solar farms installed across the globe in 2019 below the cheapest new coal plants, and below even many existing coal plants. Remember, this is a global average, so includes regions where the quality of the wind or solar resource may not be so good, and is for renewable generators completed in 2019.

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