Solar PV and onshore wind are now the cheapest sources of new-build generation for at least two-thirds of the global population. Those two-thirds live in locations that comprise 71% of gross domestic product and 85% of energy generation. Battery storage is now the cheapest new-build technology for peaking purposes (up to two-hours of discharge duration) in gas-importing regions, like Europe, China or Japan. New-build solar in China is now almost on par with the running cost of coal-fired power plants, at an average of $35/MWh.
The latest analysis by research company BloombergNEF (BNEF) shows that the global benchmark levelized cost of electricity,[1] or LCOE, for onshore wind and utility-scale PV,[2] has fallen 9% and 4% since the second half of 2019 – to $44 and $50/MWh, respectively. Meanwhile, the benchmark LCOE for battery storage has tumbled to $150/MWh, about half of what it was two years ago.
https://about.bnef.com/blog/scale-up-of-solar-and-wind-puts-existing-coal-gas-at-risk/