The International Renewable Energy Agency (IRENA) published an updated price development report in 2018. According to the report, the cost of electricity from photovoltaics worldwide fell by an average of 13%, which is just as much as for onshore wind power. Solar thermal power plants (CSP systems, concentrated solar power) recorded even greater savings last year, with costs falling by 26%. Bioenergy costs fell by 14% and hydropower costs by 12%. IRENA calculated a price reduction of 1% for geothermal and offshore wind power.
The international government organization based in the eco-city of Masdar in the United Arab Emirates predicts that the cost of renewable energies will drop even further in the coming years. According to IRENA, 80% of photovoltaic plants and more than 75% of wind farms that come on stream next year will be capable of producing their electricity at lower prices than the cheapest new coal, oil and gas power plants. The organization points out in its report that prices for renewable energies in Germany already fell by 34% between 2013 and 2018.