Biomass costs would be lower than those of most fossil energy sources in most countries of the world. A recent IRENA report reveals how technologies are reaching grid parity.
The cost-competitiveness of renewable power generation technologies has reached historic levels. Biomass for power, hydropower, geothermal and onshore wind can all now provide electricity competitively compared to fossil fuel-fired power generation.
LCOEs (levelised cost of electricity) of the more mature renewable power generation technologies – biomass for power, geothermal and hydropower – have been broadly stable since 2010. However, where untapped, economic resources remain, these mature technologies can provide some of the cheapest electricity of any source.
Regional, weighted average costs of electricity from biomass for power, geothermal, hydropower and onshore wind are all now in the range, or even span a lower range, than estimated fossil fuel-fired electricity generation costs. Because of striking LCOE reductions, solar PV costs also increasingly fall within that range.