Fact Check: "Wind and solar power are cheaper than fossil fuels and nuclear power."
What We Know
The claim that wind and solar power are cheaper than fossil fuels and nuclear power is supported by various studies and reports. According to the U.S. Energy Information Administration (EIA), the Levelized Cost of Electricity (LCOE) for solar photovoltaic (PV) was estimated at $55 per megawatt-hour (MWh) in 2023, with projections indicating a decline to $25/MWh by 2050. In comparison, advanced nuclear power was estimated at $110/MWh in 2023, with no expected decrease in costs through 2050. Additionally, onshore wind energy was reported at $40/MWh in 2023, with a forecasted decline to $35/MWh by 2050.
Furthermore, a report from Forbes highlights that the global weighted average LCOE for newly commissioned utility-scale solar PV and onshore wind projects has been decreasing. For instance, utility-scale solar PV saw a 12% decrease in costs from 2022, while onshore wind projects experienced a 3% reduction in LCOE year-on-year.
Moreover, a Scientific American article states that even without subsidies, renewable energy sources like wind and solar are competitive with fossil fuel plants, further supporting the claim that renewables are becoming increasingly cost-effective.
Analysis
The evidence presented from multiple credible sources indicates a clear trend: the costs associated with wind and solar energy are decreasing while the costs of nuclear energy remain high and stable. The EIA's data provides a reliable benchmark for LCOE, which is a critical metric for comparing energy sources. The projected declines in solar and wind costs are significant, suggesting that these renewable sources will become even more economically advantageous over time.
However, it is important to note that some sources, such as a Climate Depot analysis, argue that coal and natural gas remain cheaper than wind and solar when considering full-system costs. This perspective emphasizes the need for a comprehensive understanding of energy costs, including infrastructure and integration expenses. Nonetheless, the predominant trend in the data from reputable organizations like the EIA and Forbes supports the claim that wind and solar power are cheaper than fossil fuels and nuclear power.
The reliability of the sources used in this analysis is high, as they are based on data from established energy authorities and peer-reviewed studies. The EIA is a reputable government agency, and Forbes is a well-known publication that covers economic and energy issues extensively.
Conclusion
Verdict: True
The claim that wind and solar power are cheaper than fossil fuels and nuclear power is substantiated by multiple credible sources. The decreasing costs of renewable energy, as evidenced by LCOE data, indicate that these sources are becoming more economically viable compared to traditional fossil fuels and nuclear energy.
