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| Wed, 3rd Jun 2020 17:08:00 |
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Solar costs have fallen 82% since 2010 |
The levelized cost of energy generated by large scale solar plants is around $0.068/kWh, compared to $0.378 ten years ago and the price fell 13.1% between 2018 and last year alone, according to figures released by the International Renewable Energy Agency.
"Since 2010, the cost of energy has dropped by 82% for photovoltaic solar, by 47% for concentrated solar energy (CSP), by 39% for onshore wind and by 29% for wind offshore."
Those remarkable price falls are quoted by the International Renewable Energy Agency (Irena) in its Renewable Power Generation Costs in 2019 report.
The figures were compiled from the costs and tariffs reported for 17,000 renewable energy project tenders last year which should eventually add up to 1.7 GW of clean power generation capacity.
The cost reductions witnessed in the last decade were due to improved technology, economies of scale, supply chain competitiveness and the growing experience of developers, said Irena.
"The same amount of money invested in renewable energy is producing far more new capacity today than it was ten years ago," stated the multilateral organization. In 2010, the 88 GW of renewables capacity installed worldwide required the equivalent of $210 billion. Last year, twice that capacity volume was put into service for $253 billion – around 20% more investment.
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