A May, 2019 study by the International Renewable Energy Agency concludes the cost of most renewable energy is competitive with oil, coal and gas.
Hydroelectric power is the least expensive at $0.05 per kilowatt hour. New onshore wind, solar photovoltaic, biomass, and geothermal plants are below $0.10/kWh. New offshore wind is $0.13/kWh. Individual project costs vary. Renewable costs are projected to continue to fall.
New fossil fuel plants range from $0.05/kWh to $0.15/kWh with uncertain future fuel costs and dwindling future fuel supplies.
Over 75 per cent of onshore wind and 80% per cent of the solar PV plants to be completed next year will generate at lower prices than the cheapest new fossil fuel projects and without public subsidies granted to the fossil fuel industry.
Will we accelerate renewable energy development and withdraw fossil fuel subsidies to meet climate objectives, secure our energy future, create green Canadian jobs, and save money? Or will we continue to invest in non-renewable energy that’s affecting climate change?
Robert M. Macrae