Wind and solar power are the cheapest ways to generate electricity. According to a report from the International Renewable Energy Agency (IRENA), these two sources will be available for less than $0.03 per kilowatt hour in the next few years. The costs of these technologies continue to decline, and the cost of installation and maintenance continues to fall.
While there are many generating options, the cheapest is generally the unsubsidized renewable. This may be due to the competitive nature of the market, the increasing customer choice, and the increasing efficiency of these technologies.
Another way to produce cheap energy is to use renewables with battery storage. In fact, renewables with batteries have the potential to supply 50 percent of the world’s energy by 2050.
The cheapest way to produce electricity is to build a large-scale, utility-scale solar array. The cost of installing and maintaining a photovoltaic panel has dropped by 90 percent over the last decade, making this an affordable option for new energy development.
The cheapest way to generate electricity is also the most complicated. For example, biogas is more complicated than wind power. It requires a generator that burns biomass. It requires water as a fuel, and it involves building a dam and reservoir.
In addition to the aforementioned study, there is an online calculator to calculate the cost of various policies. There are several nuances to this kind of comparison, including the amount of intermittency and the type of grid design. This can all make for complicated calculations.