Renewable energy costs in Asia last year were 13% cheaper than coal and are expected to be 32% cheaper by 2030, according to a new study.
Source: Wood Mackenzie Asia Pacific Power & Renewable Services
According to Wood Mackenzie’s latest analysis of the levelized cost of electricity (LCOE) for the Asia Pacific (APAC) region, the LCOE from renewables reached a historic low in 2023. This is significant because it marks a shift toward making renewables increasingly competitive with coal, a mainstay in APAC’s energy mix. The driving force behind this trend is the substantial reduction in capital costs for renewable energy projects.
China leads the pack with a 40-70% cost reduction in utility-scale solar, onshore wind, and offshore wind compared to other Asia Pacific markets. China is expected to maintain a 50% cost advantage in renewable energy up to 2050.
Solar is cheapest and falling
The significant drop in solar power costs, by 23% in 2023, signals the end of supply chain disruptions and inflationary pressures. As a result, utility solar is now the cheapest power source in 11 out of 15 APAC countries. New-build solar project costs are expected to fall by another 20% by 2030 due to lower module prices and an oversupply from China.
This drop in solar costs, particularly in 2023-24, puts pressure on coal and gas and highlights a 23% decrease in LCOE for utility PV across the Asia Pacific, driven by a 29% decline in capital costs.
Distributed solar, such as residential rooftop solar, saw a 26% decrease in 2023. This makes distributed solar 12% cheaper on average than residential power prices, unlocking substantial potential for rooftop solar.
Distributed solar is becoming increasingly enticing for customers in many Asia Pacific markets, with costs now 30% below rising residential tariffs in countries like China and Australia. However, markets with subsidized residential power tariffs, such as India, might have to wait until 2030 or later to see competitive prices for distributed solar.
Wind power isn’t far behind
While solar is surging ahead in terms of cost-effectiveness, onshore wind isn’t far behind despite costs being 38% more than solar in 2023. With a forecasted 30% cost reduction by 2030 as cheaper Chinese turbines gain market share, Australia and Southeast Asia stand to benefit from low-cost wind power equipment imports.
However, there will be less of an impact on markets with limited uptake of Chinese turbines such as Japan and South Korea, which focus more on domestic supply chains.
WoodMac also underscores the growing competitiveness of offshore wind with fossil fuels in APAC. With an 11% cost reduction in 2023, offshore wind costs are now competitive with coal along China’s coast and are expected to undercut gas in Japan and the Taiwan region by 2027 and 2028, respectively. Falling capital costs and tech improvements are opening up new markets for offshore wind in India, Southeast Asia, and Australia over the next five to 10 years.
In contrast with falling renewables costs, coal and gas generation expenses have increased by 12% since 2020 and are projected to rise through 2050, primarily due to carbon pricing mechanisms.
While developed APAC markets anticipate a significant hike in carbon prices, reaching US$20-55/tonne by 2030, Southeast Asia and India are expected to see lower carbon prices.
This trend suggests that gas power, with costs remaining above US$100/MWh on average until 2050, will gradually lose its cost competitiveness with offshore wind over the next decade.
Alex Whitworth, vice president, head of Asia Pacific Power Research at Wood Mackenzie, concluded:
Solar power costs have reached an historic low in the Asia Pacific region in 2023, reversing fears of permanent cost inflation. But while low costs support a continued boom in renewables investments, there is concern among investors on profitability, grid integration, backup, and energy storage.
Government policies will play a crucial role going forward to support upgrading grid reliability, transmission capacity, and promoting battery storage to manage the intermittent nature of renewables.
To limit power outages and make your home more resilient, consider going solar with a battery storage system. In order to find a trusted, reliable solar installer near you that offers competitive pricing, check outEnergySage, a free service that makes it easy for you to go solar. They have hundreds of pre-vetted solar installers competing for your business, ensuring you get high quality solutions and save 20-30% compared to going it alone. Plus, it’s free to use and you won’t get sales calls until you select an installer and you share your phone number with them.
Your personalized solar quotes are easy to compare online and you’ll get access to unbiased Energy Advisers to help you every step of the way. Get startedhere. – ad*
FTC: We use income earning auto affiliate links.More.
Mercedes-Benz Electric G-Wagon (Photo: Mercedes-Benz)
If you’ve been eyeing the all-electric G-Wagon, Mercedes-Benz just sweetened the deal – but only for a limited time.
According to a dealer bulletin, the 2025 Mercedes-Benz G 580 with EQ Technology – AKA the electric G-Wagon – now comes with $9,500 in lease cash, up from last month’s $7,500. That’s a 27% jump in savings. The move comes just weeks before the $7,500 EV lease tax credit loophole closes on September 30.
Like most EVs leased in the US, the G-Class has been able to qualify for the credit even though it’s excluded from purchase incentives. That benefit is about to disappear, which likely explains why Mercedes is boosting the offers now.
The electric G-Wagon doesn’t come cheap. With a base price of $162,650, the $9,500 incentive amounts to only a 5.8% discount. The SUV also carries a steep advertised lease: $1,869 per month for 36 months with $14,613 due at signing. Factor it all in, and you’re really paying about $2,275 a month for 10,000 miles a year. Current Mercedes deals run through September 2.
Advertisement – scroll for more content
For context, the 2025 G 580’s lease money factor now sits at 0.00180, which works out to around 4.3% APR – lower than the standard rates previously on offer.
Performance-wise, the electric G-Wagon earns an EPA rating of 62 MPGe and an electric range of 239 miles. Not groundbreaking numbers, but for buyers who want the iconic G-Wagon experience with zero tailpipe emissions, this is it.
With federal lease credits ending soon, Mercedes appears to be betting that drivers looking for a last chance at big EV savings will jump now rather than later.
The 30% federal solar tax credit is ending this year. If you’ve ever considered going solar, now’s the time to act. To make sure you find a trusted, reliable solar installer near you that offers competitive pricing, check out EnergySage, a free service that makes it easy for you to go solar. It has hundreds of pre-vetted solar installers competing for your business, ensuring you get high-quality solutions and save 20-30% compared to going it alone. Plus, it’s free to use, and you won’t get sales calls until you select an installer and share your phone number with them.
Your personalized solar quotes are easy to compare online and you’ll get access to unbiased Energy Advisors to help you every step of the way. Get started here.
FTC: We use income earning auto affiliate links.More.
The Honda Prologue is a surprise hit. It was the second-best-selling electric SUV behind the Tesla Model Y in the second half of 2024. Now, used models are in high demand.
Honda Prologue leads used EV sales growth in July
After it delivered the first customer models last March, the Honda Prologue quickly became one of the most popular EVs in the US.
Throughout the second half of the year, Honda sold an average of over 5,000 Prologues every month. In November, it was the third best-selling EV, trailing only the Tesla Model Y and Model 3.
Honda’s electric SUV continues to be a top seller this year. Last month, it outsold the Ford Mustang Mach-E and Hyundai IONIQ 5. Since delivering the first Prologue model last March, Honda has now sold 52,500 units in the US.
Advertisement – scroll for more content
According to Cox Automotive’s latest EV Market Monitor report, used Honda Prologue EVs are selling faster than expected.
Used EV sales rose sharply in July to 36,670, up 23.2% from June and 40% compared to last year. Honda had the biggest increase in used EV sales, more than doubling (+103%) month-over-month. Hyundai (+61.3%) and Rivian (60.5%) ranked second and third.
Honda Prologue Elite (Source: Honda)
Tesla led used EV sales last month, selling 15,903 vehicles, up 18% year-over-year. GM’s Chevy (3,499 units, +28.6%), Ford (1,967 units, +25.7%), Mercedes-Benz (1,724 units, -12.3%), and Nissan (1,659 units, +19.9%) rounded out the top five.
Although its market share slipped to 43.4% from 45.2%, Tesla remained the leader by a wide margin. Other luxury brands, including BMW and Audi, reported higher used EV sales in July, with increases of 43.87% and 38%, respectively.
2025 Honda Prologue at a Tesla Supercharger (Source: Honda)
According to the report, used EV listing prices reached $35,263 last month, a 1.9% decrease from June. With a price gap of just $1,266, a record low, used electric vehicle prices are closing in on ICE vehicles.
New EV sales also picked up in July. With over 130,000 EVs sold, up 26% from June, the electric vehicle market share reached 9.1%, the second-highest to date.
Ahead of the $7,500 federal tax credit deadline, set to expire at the end of September, 11 brands posted their best EV sales of the year. The top five included Tesla, Chevy, Hyundai, Ford, and Honda. Volkswagen surged to sixth after electric vehicle sales surged 454% last month.
The Honda Prologue starts at $47,400, but with the credit, you can snag one for under $40,000 right now. Honda is also offering monthly leases as low as $159 in California and other ZEV states. In other regions, it’s still listed for as low as $229 per month.
2025 Honda Prologue trim
Starting Price*
Starting Price After Tax Credit*
EPA Range (miles)
EX (FWD)
$47,400
$39,900
308
EX (AWD)
$50,400
$42,900
294
Touring (FWD)
$51.700
$44,200
308
Touring (AWD)
$54,700
$47,200
294
Elite (AWD)
$57,900
$50,400
283
2025 Honda Prologue prices and range by trim (*Does not include $1,450 D&H fee)
Even Honda’s luxury brand, Acura, is selling more electric vehicles than expected. Through the first half of the year, the Acura ZDX outsold the Cadillac Lyriq, and it’s based on the same GM Ultium platform.
Sales are expected to continue picking up ahead of the deadline. As Cox Automotive highlighted, “July’s performance sets a strong precedent, and as policy support winds down, the market’s ability to respond to real-time demand and brand-level dynamics will be critical in shaping the next phase of growth.”
Ready to take advantage of the savings while they are still here? We’re here to help. You can use our link to find deals on the Honda Prologue in your area (trusted affiliate link).
FTC: We use income earning auto affiliate links.More.
The waste management experts at Republic Services are committed to cleaning up the Chicagoland area — and now, that includes the air Chicagoans breathe, thanks to the deployment of new Mack LR Electric garbage trucks in the heart of America’s Second City.
Republic Services executives and partners from local utility ComEd gathered yesterday, 14AUG, to celebrate the deployment of Chicago’s first electric refuse fleet, featuring two new Mack LR Electric garbage trucks paid for, in part, by ComEd’s commercial EV rebate program.
“The Mack LR Electric is purpose-built for refuse applications, delivering zero local emissions while maintaining the durability and performance Mack trucks are known for,” reads the official Mack press release. “The electric powertrain provides quieter operation for early morning routes and helps fleet operators meet sustainability goals while supporting cleaner air quality in urban communities. With its low cab-forward design and tight turning radius, the LR Electric maintains the maneuverability essential for residential and commercial waste collection routes.”
The big Class 8 Mack Trucks are powered by a pair of electric motors putting 400 combined kW (about 536 hp) through a 2-speed Mack Powershift transmission that offers a whopping 4,051 lb-ft of peak torque output. That’s over 40% more power than the first generation Mack LR Electric released in 2019, and this iteration can charge the 376 kWh Samsung-sourced batteries fully in under two hours at 150 kW.
Advertisement – scroll for more content
Real money, real results
ComEd and Republic Svcs. executives pose with “big check,” via ComEd.
“ComEd is proud to support Republic Services in advancing zero emissions transportation for Chicago’s neighborhoods,” explains Melissa Washington, our senior vice president of customer operations and strategic initiatives. “As more customers take advantage of our EV rebate programs, we are helping empower customers to realize the air quality and energy savings benefits of EVs, and moving our communities closer to their goals for a more sustainable future.”
The new HD electric vehicles will be powered up nightly by equally new 150 kW DC fast charging stations from BP pulse, which are installed at Republic’s vehicle yard in the Little Village neighborhood. Part of the ComEd rebate money awarded to the company helped fund the make-ready infrastructure portion (effectively from the transformer to the stub) of that project, as well as at least one Ford F-150 Lightning pickup.
Look, you know me. There is absolutely ZERO chance that I’ll be able to remain objective about anything that’s putting down more than four thousand lb-ft of torque. Make that thing quieter, cleaner, and generally better for me and my community, and there’s even less of a chance of me saying anything critical about it.
If you’re considering going solar, it’s always a good idea to get quotes from a few installers. To make sure you find a trusted, reliable solar installer near you that offers competitive pricing, check out EnergySage, a free service that makes it easy for you to go solar. It has hundreds of pre-vetted solar installers competing for your business, ensuring you get high-quality solutions and save 20-30% compared to going it alone. Plus, it’s free to use, and you won’t get sales calls until you select an installer and share your phone number with them.
Your personalized solar quotes are easy to compare online and you’ll get access to unbiased Energy Advisors to help you every step of the way. Get started here.
FTC: We use income earning auto affiliate links.More.