Data recently released by the EIA shows utility scale electric generator cost trends have shifted. The new data shows that costs for natural gas and onshore wind generators increased while solar decreased in 2020 compared to 2019. The shift marks the smallest gap between wind, solar, and natural gas generator costs in the US since 2013.
According to the EIA, the construction costs for new solar projects decreased 7.9% on average. In comparison, the construction costs for new wind projects increased 7.6% and the costs for new natural gas projects increased 3.5%. Technological advancements and fewer projects were noted as contributing factors.