Cost Analysis of Renewable Energy Technologies


İnsel M. A. , Sadıkoğlu H. , Melikoğlu M.

International Conference on Advences in Mechanical Engineering, İstanbul, Turkey, 17 - 19 December 2019, pp.1426

  • Publication Type: Conference Paper / Summary Text
  • City: İstanbul
  • Country: Turkey
  • Page Numbers: pp.1426

Abstract

Renewable energy usage has been increasing around the world since it is environmentally friendly, sustainable and becoming more economical. In Europe, the share of renewable energy is planned to increase from 30% (in 2015) to 57% (in 2030). By 2030, the 30% of the energy demand in the world is expected to be supplied by renewable energy. Thus, the estimation of future capital and operational costs of renewable energy production has become essential for developing energy scenarios. And to conduct these estimations properly, the current data regarding these costs should be analyzed in detail. In this paper, we analyze the data of total investment costs, capacity factors and levelized costs of electricity for hydroelectric, solar, wind, geothermal, biofuel powers. We also compare the current costs with the costs of last 9 years. These represented data can be used by the academia, countries, policy makers and industry to create reliable energy production scenarios and construct detailed energy visions for the future.