The global weighted average of the Levelized Cost of Electricity (LCOE) from utility-scale renewable power generation has experienced a decline during the past decade. This decline was sharper for solar photovoltaic (solar PV) than the other technologies. Solar PV indicated an 82% decrease in cost between 2010 to 2019. It is also worth mentioning that solar PV’s LCOE drove down by 13% in 2019 compared to 2018 and reached almost $0.068 per kWh in 2019.
Among other renewables, costs fell by 47% for concentrating solar power (CSP), 40% for onshore wind, and 29% for offshore wind during the same period.
According to IRENA’s report, Renewable Power Generation Costs in 2019, this decline in costs during the past decade was a result of technological improvement in renewables, economies of scale, competitive supply chains and growing developer experience. At the same time, auctions being conducted by various countries will continue to contribute to declining costs in 2020 and beyond.
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