Renewable power costs rise, just not as much as fossil fuels

It’s costing more these days to build and run solar farms and wind turbines, but they’re still cheaper than power plants that rely on fossil fuels. The costs of renewable plants are rising after years of declines due to soaring prices for materials, shipping and labour, according to a BloombergNEF report. But costs for coal and natural gas-fired plants are increasing even faster as global energy prices surge following Russia’s invasion of Ukraine. As a result, new onshore wind and solar projects cost roughly 40% less than coal or gas plants built from scratch—and the gap is widening.