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Solar photovoltaic Concentrating solar power Onshore wind Offshore wind 0.4 0.378 0.3 0.2 0.1 0.0 0.346 0.259 0.182 0.086 0.075 0.161 0.043 0.082 Fossil fuel cost range 0.039 Note: For CSP, the dashed blue bar in 2019 shows the weighted average value including projects in Israel. Auction database LCOE database RENEWABLE POWER GENERATION COSTS 2019 RENEWABLE POWER GENERATION INCREASINGLY OUT-COMPETES FOSSIL FUELS Not only do costs continue to decline for solar and wind power technologies, but new projects are increasingly being commissioned at very low absolute cost levels. In 2019, 56% of all newly commissioned utility-scale renewable power generation capacity provided electricity at a lower cost than the cheapest new fossil fuel-fired option. Nine-tenths of the newly commissioned hydropower capacity in 2019 cost less than the cheapest new fossil fuel-fired option, as did three-quarters of onshore wind capacity and two-fifths of utility-scale solar PV. The latter value is remarkable considering that in 2010, solar PV electricity cost 7.6 times the cheapest fossil fuel-fired option. Overall, these projects will save consumers in non-OECD countries alone, USD 1 billion per year. Solar and wind cost reductions show no sign of abating, either. Data in the IRENA Auction and PPA Database indicate that solar PV projects that have won recent auction and power purchase agreements (PPAs) processes – and that will be commissioned in 2021 – could have an average price of just USD 0.039/kWh. This represents a 42% reduction compared to the global weighted-average LCOE of solar PV in 2019 and is more than one-fifth less than the cheapest fossil-fuel competitor, namely coal-fired plants. The auction and PPA data indicate the price of electricity from onshore wind could fall to USD 0.043/kWh by 2021, down 18% from 2019. Offshore wind and CSP projects, meanwhile, are set for a step change, with their global average auction prices set to fall 29% and 59% from 2019 values, respectively. With its longer lead times, offshore wind will fall to USD 0.082/kWh in 2023, while CSP will fall to USD 0.075/kWh in 2021. Figure ES.2 Global weighted average LCOE and Auction/PPA prices for CSP, onshore and offshore wind, and solar PV, 2010 to 2023 Note: The thick lines are the global weighted average LCOE, or auction values, by year. The grey bands that vary by year are cost/price range for the 5th and 95th percentiles of projects.. For the LCOE data, the real WACC is 7.5% for OECD countries and China, and 10% for the rest of the world. The band that crosses the entire chart represents the fossil fuel-fired power generation cost range. 14 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2019 USD/kWhPDF Image | RENEWABLE POWER GENERATION COSTS IN 2019
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