In the United Kingdom, proof that financial instruments directed towards renewable technologies are working is demonstrated by the fact that a new report proves that renewable energy technologies are now cheaper at generating power than fossil fuel technologies.
The Department for Business, Energy and Industrial Strategy (BEIS) in the United Kingdom has released their latest report on Electricity Generation Costs in 2020. The levelised costs presented in this report provide a straightforward way of consistently comparing the costs of different generating technologies with different characteristics. The levelised costs of electricity generation shows renewable energy is now more economical than fossil fuels. This is a hugely positive step towards combating climate change.
The renewable energy sources reported on are onshore wind technology, offshore wind technology and solar PV technology.
The lower cost of renewable energy technologies in the United Kingdom will motivate more communities to target renewables and invest in using financial instruments to change their behaviour and reduce their greenhouse gas emissions.
These lower costs are expected to propel the mass adoption of renewables even further, which will drive us further towards achieving a low-carbon economy.