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Photo: Chris McGrath/Getty Images

Solar and wind facilities are now the least expensive option for new power worldwide, except in Japan, according to the consultancy Bloomberg NEF.

The big picture: That's the top-line finding of their latest twice-yearly look at the so-called levelized cost of electricity — a metric that compares costs of building, running, supplying and maintaining different types of facilities over time.

The intrigue: The cost of new solar photovoltaic projects has dropped 13% over the past half-year — a bankshot effect of Chinese policy decisions to slow the growth of their utility-scale PV market.

  • This has "created a global wave of cheap equipment" that's pushing down costs, Bloomberg NEF said.

When it comes to onshore wind, their study shows a cost decrease of 6% since that last version of the study.

  • In many regions, building new wind farms is now more economically attractive than new natural gas plants in the U.S. despite the glut of shale gas, Bloomberg NEF said.

The bottom line: The report is a snapshot of the growing edge that renewables have in key markets around the world. 

  • The latest version of the study suggests that new solar and onshore wind are as cheap or cheaper than new coal in China, which wasn't the case in the prior edition of the twice-yearly analysis, according to Bloomberg NEF.

Go deeper

Updated 46 mins ago - Politics & Policy

Coronavirus dashboard

Illustration: Annelise Capossela/Axios

  1. Health: Fall and winter COVID surge "unlikely" if people get vaccinated.
  2. Politics: School boards are the next political battleground.
  3. Vaccines: Pfizer begins application for full FDA vaccine approval — Moderna says its COVID booster shot shows promise against variants.
  4. Economy: U.S. adds just 266,000 jobs in April, far below expectations.
  5. World: Asia faces massive new COVID surgeIndia records its deadliest day of the pandemic.
  6. Variant tracker: Where different strains are spreading.

Kevin McCarthy officially endorses Elise Stefanik to replace Liz Cheney

House Minority Leader Kevin McCarthy. Photo: Win McNamee/Getty Images

House Minority Leader Kevin McCarthy (R-Calif.) officially endorsed Rep. Elise Stefanik (R-N.Y.) to become the GOP's next House Republican conference chair during a Fox News appearance Sunday.

Why it matters: The GOP has been feuding internally over the fate of the current chair, Rep. Liz Cheney (R-Wyo.), because of her criticisms of former President Donald Trump, and her vote to impeach him for his role in the Jan. 6 Capitol riot.

Fauci: Vaccines could turn COVID-19 "surges" into "blips"

NIAID director Anthony Fauci told "Meet the Press" Sunday that if more Americans get vaccinated in accordance with the Biden administration's goals, COVID-19 surges may be replaced by "blips."

State of play: Last week President Joe Biden announced his goal to get 160 million Americans fully vaccinated by July 4, with at least 70% of Americans having at least one shot.

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