Wind and Solar Will Soon Become the ‘Least-Cost Option Almost Universally’

The first phase of growth for renewable electricity was driven by policy. The next phase will be driven by straight economics.

Two new reports on global demand for renewables forecast dramatic growth in nearly every region of the world over the coming decades. While promotion policies are still important for supporting the industry in some countries in the short term, conventional technologies like wind and solar are becoming cheap enough to compete without direct subsidies.

According to a new report from Bloomberg New Energy Finance (BNEF), the average cost of developing wind projects will fall by 32 percent and the cost of solar PV projects will fall by 48 percent by 2040. Within a decade, wind will become "the least-cost option almost universally." And by 2030, solar will become the cheapest resource.

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