"New wind, solar and battery projects are getting so inexpensive that they rival the cost of building new gas or coal power plants in most of the world, according to a new report.
The study, released today from Bloomberg New Energy Finance (BNEF), explored where renewable energy projects are competitive, and how dramatically their prices are falling.
A solar or wind farm is now the cheapest kind of new power plant for two-thirds of the world's population, according to BNEF. Those areas represent up 71% of gross domestic product and 85% of energy generation.
The continued lowering of prices for carbon-free source of energy, like wind and solar, matters because new projects will be in service for decades, affecting the trajectory of greenhouse gas emissions. Cost competition from these sources also opens the possibility of retiring existing coal or natural gas plants early."