Increasingly competitive renewable energies

The world is still far from producing all the electricity it needs from renewables alone, but figures published by Our World in Data show that, when it comes to costs, things are moving in the right direction.

In 2010, the production of one megawatt hour of photovoltaic electricity cost an average of 378 dollars worldwide. And this, without taking into account the subsidies that could be granted in certain countries. In 2019, this cost fell to $68, which is cheaper than nuclear and coal, and only slightly more expensive than the most profitable option studied in this graph: onshore wind. Wind energy, both onshore and offshore, has also seen its costs fall since 2010, while the price of nuclear has increased and coal has seen only a slight decline.

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As Our World in Data explains, the price difference is crucial for increased and rapid adoption of renewable energy sources in the future, and the effects are already visible: "It's the relative price that matters in the decision to build a particular type of power plant. Has the fall in the price of renewable energies weighed on decisions in recent years? Yes, it has. Wind and solar have rapidly developed in recent years: in 2019, renewables accounted for 72% of total energy capacity additions worldwide".