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Renewable Energy Prices Predicted to Hit an All Time Low

According to Rocky Mountain Institute, a non-profit research and consulting organization, a 3-megawatt installation project located in New Mexico is projected to come online in March. It will sell electricity to the Otero County under a 25 year power purchase agreement for 4.5 cents per kilowatt.

Over a seven year period the levelized cost of electricity from utility-scale solar projects has plummeted 73% to 10 cents per kWh.

The International Renewable Energy Agency (IRENA) predicts clean energy will be equivalent to the cost range of fossil fuels within the next two years.

Photo by Janice Baer, 2006. CC BY-SA 3.0