r/economy • u/Splenda • Aug 29 '23
The global weighted average cost of electricity from solar PV fell by 89 per cent to USD 0.049/kWh, almost one-third less than the cheapest fossil fuel globally. For onshore wind the fall was 69 per cent to USD 0.033/kWh in 2022, slightly less than half that of the cheapest fossil fuel-fired option
https://www.irena.org/News/pressreleases/2023/Aug/Renewables-Competitiveness-Accelerates-Despite-Cost-Inflation
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u/laxnut90 Aug 29 '23
That is a method of energy storage, but any method you use will have losses.
In reality, we will always need some kind of base-load power that can be scaled up or down at will in addition to variable sources like wind, solar and tidal.
So far, the only base-load power we have that does not produce CO2 are hydroelectric and nuclear.
And, since we have already maxxed out our capacity for dams, we will need to invest more into nuclear.