Report: Wind, solar are cheapest options, NOW

Lazard Associates Levelized Cost of Energy 11.0, 2017

Lazard Associates Levelized Cost of Energy 11.0, 2017

Don’t believe the fake news hype about cheap coal and natural gas! A new report out by energy industry experts, Lazard Associates, shows that wind power and solar power are now the lowest cost energy resources – period.

In its annual Levelized Cost of Energy analysis, Lazard Associates found the cost for power generated from wind energy resources were around $30-$60 per megawatt hour (MWh) range – even without any subsidies! Unsubsidized solar power resources provided power at a cost of $43-$48/MWh range. That’s 3-6 cents per kilowatt hour (kWh) for wind, or 4.3-4.8 cents per kWh for solar. Of course with existing federal tax credits, real wind power prices could be as low as $14/MWh, or 1.4 cents/kWh, and real solar prices may reach as low as $35/MWh, or 3.5 cents/kWh.

Now compare that with the costs of power generate by coal ($60-$143/MWh) and natural gas ($42-$78/MWh) and its clear that renewable energy is the best economic option for our nation’s power providers.

Since 2009, wind power prices have plummeted by 67% and solar power prices have dropped by 86%.

Just recently Southwestern Electric Power Company (SWEPCO) in Louisiana announced plans to help build the nation’s largest wind farm, a 2,000 megawatt project in Oklahoma that would save its customers approximately a billion dollars. And Cypress Creek Renewables just announced a 2,000 megawatt solar push for South Carolina.

For utilities and corporate purchasers looking to secure long-term, low-cost renewable energy resources, now is clearly a good time to buy. With more large corporations establishing clean energy goals, like Amazon, Google and Facebook, investing in cheap renewable energy is also a win for economic development interests.

Lazard Associates Levelized Cost of Energy 11.0, 2017

Lazard Associates Levelized Cost of Energy 11.0, 2017

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