Solar costs are now nearly 30 per cent lower than cheapest fossil fuel option, EY says (Joshua S Hill, 12 December 2023, Renew Economy)

A new report from consulting giant EY says solar PV technology remains the cheapest source of new-build electricity in most parts of the world, with a global weighted average levelised cost of electricity (LCoE) that is 29% lower than the cheapest fossil fuel alternative.

In a new report analysing changes to the global energy system, EY found that in 2022, around 86%, or 187GW, of newly commissioned, utility-scale renewable power generation produced electricity at a lower cost than the average cost of fossil fuel generation.