Renewable energy cheaper than 99% of US coal plants, study finds

A new study has found that 99% of the US’ 210 coal-fired power plants are more expensive to run than it would cost to build new renewable energy operations such as solar panels or wind turbines in the same area. The cost of renewables has plummeted, thanks in part to the Inflation Reduction Act passed last summer, which provided USD 370 billion in tax credits and support for clean energy. The report compared the costs of America’s coal fleet with building new solar or wind projects and found that, on average, coal plants cost USD 36 per megawatt hour, while new solar costs about USD 24 per megawatt hour. Only one coal plant, Dry Fork in Wyoming, was found to be cost competitive with renewables.

Potential environmental impact:

Coal is a heavily carbon-intensive fuel responsible for 60% of electricity-related greenhouse gas emissions. The decline in the cost of renewables presents an opportunity to reduce reliance on coal, which is also an ageing and increasingly expensive fuel source. The continued use of coal also poses a risk to public health due to toxic emissions such as mercury and sulphur dioxide. Investing in renewables can create local economic opportunities and help reduce carbon emissions, contributing to a more sustainable future.