Renewables Trump Fossil Fuels on Price; Energy Efficiency Trumps All
Unsubsidized renewable energy sources are increasingly cost-competitive with fossil fuels and nuclear, according to an updated analysis released in late September by Lazard, a global financial advisory and asset management firm.
“In the newest version of its comprehensive LCOE [levelized cost of energy] analysis of energy technologies, Lazard finds that a wide variety of renewables are, in some cases, directly competitive with coal, gas, and nuclear without federal tax support,” Lacey writes. “Lazard’s research shows that the average cost of biomass, geothermal, onshore wind, and utility-scale solar all compete with—or even beat—natural-gas peaking plants, natural-gas combined cycle plants, coal plants, and nuclear plants. Energy efficiency, by far the lowest-cost resource, beats everything handily.”