Renewable energy costs in the Asia Pacific (APAC) region are dropping significantly, making solar and wind power more affordable than ever, according to Wood Mackenzie’s latest analysis. In 2023, renewables were 13% cheaper than coal, and this gap is expected to widen to 32% by 2030. Solar power, especially utility PV, has emerged as the cheapest energy source, with costs dropping due to cheaper materials and oversupply from China. China leads the region with 40-70% cheaper renewable energy costs. Additionally, rooftop solar is becoming popular, now 12% cheaper than regular grid electricity.
APAC sees drop in renewable energy costs
Solar Takes Lead, Gap from Coal Widens to 32%. (Image credit: Wood Mackenzie)
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