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GeothermalGeothermal, like biomass-fired electricity and hydropower, offers some of the least-cost electricity of any source where good resources exist, with costs as low as USD 0.04/kWh at the most competitive projects. Between 2007 and 2014, the LCOE of geothermal varied from as low as USD 0.04/kWh for second-stage development of a field to as high as USD 0.14/kWh for greenfield developments. 

Geothermal electricity generation is a mature, baseload generation technology that utilises steam or hot water from geothermally active areas to provide very competitive electricity where high-quality resources exist. Enhanced geothermal techniques can also make geothermal viable in areas without good resources. The cost of developing geothermal electricity projects has risen in line with civil engineering costs, particularly due to the increased costs of procuring drilling rigs. in 2009 total installed costs for geothermal power plant are around 60% to 70% higher than in 2000. Conventional condensing “flash” geothermal power generation projects that utilise high-quality geothermal resources have installed costs of between USD 1 900 and USD 3 800/kW for typical projects, while more expensive binary power plants to exploit lower-quality resources have installed costs between USD 2 250 and USD 5 500/kW.

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Renewable Power Generation Costs in 2012

Advanced biofuels to be competitive with fossil fuels by 2020.       Solar PV module prices of around USD 0.75/Watt makes PV the economic solution for 1.3 billion people.       Electric vehicle battery packs to fall 40% to 55% by 2020 to cost USD 300-400/kWh in 2020.       Some of today's first-of-a-kind commercial plug-in hybrid and battery electric vehicles are economic today.       Road transport accounted for 76% of total transport demand in 2010.       Biodiesel consumption grew 42% per year between 2000-2010.       Feedstock costs account for 60-80% of total conventional ethanol production costs.       The levelised cost of electricity of wind, solar PV, CSP and biomass is declining.       Electricity from hydropower, geothermal and biomass where good resources remain are the cheapest way to generate electricity.       Renewables are increasingly the most economic solution for new grid connected capacity.       Wind turbine prices have been declining since 2009.       Renewables are becoming the economic choice for off-grid and mini-grids.       Wind turbine prices in China in 2012 were USD 620/kW.       The installed cost of wind is typically lower than coal-fired power plants in OECD countries.