Renewable energy is the future and many countries and organisations around the world are beginning to make the switch to using more renewable energy sources to power their business and homes. Many countries around the world have vowed to completely stop using fossil fuels for energy and only rely on renewable sources within the next few decades. Now if only every country, business, and organisation would follow suit!
With renewable energy becoming more commonplace and the list of options continually expanding, the price has decreased drastically in recent years for a variety of renewable energy forms. But which sources of energy have proven to be the least expensive? This chart from SolarPower.Guide ranks twelve different types of energy sources by their cost per megawatt hour (MWh), we’re going to look at the 5 with the lowest costs per MWh. The costs included are the base cost of the energy system per MWh and the levelized cost of electricity per MWH.
- ) Solar (standalone)
Standalone solar harvests energy through systems that are not connected to a grid.
Base Cost per MWh: $23.52
Levelized Cost of Electricity per MWh: $32.78
Geothermal is energy harvest from heat within the Earth.
Base Cost per MWh: $19.03
Levelized Cost of Electricity per MWh: $36.40
3.) Wind (Onshore)
Offshore wind energy is produced from the wind that is blowing in from the sea to the land.
Base Cost per MWh: $27.01
Levelized Cost of Electricity per MWh: $36.93
4.) Combined Cycle
A combined cycle is where heat is converted into mehcanical energy
Base Cost per MWh: $7.78
Levelized Cost of Electricity per MWh: $37.11
5.) Solar (Hybrid)
Hybrid solar is solar power that is connected to the power grid and combines multiple sources of electricity.
Base Cost per MWh: $31.13
Levelized Cost of Electricity per MWh: $47.67
If you were to choose one renewable energy source to rely on, which one of these would you choose?