A comprehensive economic analysis of solar and wind power and its suitability to Libya

Abstract EN

Over the past decades, addresses the need of replacing fossil fuels continuous rise of global temperatures and with the sources of renewable energy and fossil fuel based industrialization contributed significantly to the present climatic catastrophe resulted in global warming, rise in CO2 levels, extreme weather conditions and irreparable damage to the eco-system.

According to a recent report by the International Renewable Energy Agency (IRENA), a 20 % reduction in CO2 levels needed by 2030 to avert climate catastrophe and for a 1.50C climate pathway.

This urgency calls for the use and promotion of renewable energy for future needs.

Due to the intense efforts of all stake holders, the use of renewable energy across the world is increasing each passing day and it is expected that renewable energy contributes to 30% of world energy by 2024.

In the same line, the costs of renewable energy technologies like wind and solar are falling significantly.

In the last decade, the cost of large-scale solar projects plunged to a range of 85 to 89 %.

In the same period, the costs of wind energy also declined with a 56 % decline of on-shore wind energy and 48 % decline of off-shore wind energy.

Taking advantage of these falling costs, it is imperative for developing countries like Libya to increase the efforts for the large-scale production of solar power.

This papers presents a comprehensive cost analysis of solar and wind power and their future trends.

Further, a review of solar power generation in Libya and related limitations are discussed.

In addition, guidelines and recommendations for large-scale promotion of solar and wind energy in Libya are suggested.