The decade 2010 to 2020 saw renewable power generation becoming the default economic choice for new capacity. In that period, the competitiveness of solar and offshore wind all joined onshore wind in the same range of costs as for new capacity fired by fossil fuels, calculated without financial support. Indeed, the trend is not only one of renewables competing with fossil fuels, but significantly undercutting them, when new electricity generation capacity is required.
Between 2000 and 2020, renewable power generation capacity worldwide increased 3.7‑fold, from 754 GW to 2 799 GW, as their costs have fallen sharply, driven by steadily improving technologies, economies of scale, competitive supply chains and improving developer experience. Costs for electricity from utility-scale solar PV fell 85% between 2010 and 2020.
Read the full report by IRENA here