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In the last 12 months alone, the global weighted average costs of onshore wind and solar PV stood at 6 to 10 cents per kWh, respectively.
Global weighted average costs over the last 12 months for onshore wind and solar PV now stand at $0.
The Conservatives have moved to prevent new onshore wind farms, arguing they "often fail to win public support", while supporting fracking for shale gas and development of smallscale nuclear technology.
Two further rounds of onshore wind project auctions are planned later this year to reach the government's annual expansion target of 2,500 MW.
The previous government cut solar subsidies and curbed the development of onshore wind farms.
InfraRed Capital Partners continues to source a broad pipeline of projects on behalf of TRIG, including further onshore wind and solar PV projects as well as projects in battery storage and offshore wind technologies.
Richard Dunkley, executive director at Banks Renewables, said: "Modern, efficient onshore wind farms such as Middle Muir, Kype Muir and Moor House are acknowledged as providing the lowest cost form of carbon-free renewable energy generation for the UK, and we firmly believe they have a central role to play in the UK's future energy mix, as well as in generating more of the energy that we all use via renewable means.
Onshore wind is booming in Wales with nearly 78 sites across Wales generating electricity with another five on the way, including what will soon be Wales' largest onshore site at Pen y Cymoedd.
To date, NJRCEV's approach has focused on commercial and residential solar project development in New Jersey and onshore wind projects in the Midwestern United States.
Asia Pacific is presently the largest market for onshore wind energy, with India and China emerging as regional leaders.
Under the Renewables Obligation (RO) initiative, onshore wind projects which are built before March 2017 would automatically receive funding.
These are dark days for the onshore wind sector, with 250 projects in development now likely to be cancelled because the government is ending subsidies which would aid their completion.