IRENA touts "Renewable Revolution"

June 7, 2012 | By Barbara Vergetis Lundin

Renewable power generation technologies are becoming increasingly competitive due to dropping costs, accounting for the addition of half of all new power generation capacity worldwide.

According to a cost and performance analysis by the International Renewable Energy Agency (IRENA), renewable technologies have become the most economical solution for off-grid electrification and grid extension in most areas, as well as for centralized grid supply in locations with good resources.

"A renewable revolution is 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 IRENA's Director-General, Adnan Z. Amin. "Cost of financing is a major factor, and strategies to reduce the cost of capital are as important as engineering efforts to reduce installed costs. Critically, the cost declines we have seen mean that policy support for renewables isn't as costly as a static analysis of costs would imply."

The analysis examined solar photovoltaics (PV), concentrating solar power (CSP), wind power, hydropower and biomass for power generation.

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