A new report from Bloomberg New Energy Finance shows that the price of renewable energy in Australia is so low that it’s now cheaper to invest in wind and solar power than in a new coal-fired power plant.
According to Bloomberg, energy from a new wind farm costs about $83 per megawatt hour. Building a new coal plant would cost consumers $148 per megawatt hour, and a new baseload gas plant would cost $120 per megawatt hour.