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Biomass Fossil fuel cost range 0.1 0.076 0 Capacity (MW) ≤ 1 100 200 ≥ 300 Note: For CSP, the dashed bar in 2019 shows the weighted average value including projects in Israel. Geothermal Hydro Solar Photovoltaic 0.378 Concentrating solar power 95th percentile Offshore Onshore wind wind 0.4 0.3 0.2 0.346 0.259 0.182 0.161 5th percentile 0.115 0.073 0.068 0.086 0.066 0.049 0.037 0.047 0.053 2010 2019 2010 2019 2010 2019 2010 2019 2010 2019 2010 2019 2010 2019 RENEWABLE POWER GENERATION COSTS 2019 Similarly to solar PV, the cost of electricity decline for CSP has been driven by reductions in total installed costs. Yet, improvements in technology have also played a significant role in increasing capacity factors, aided by a shift in deployment to areas with better solar resources. Onshore wind power represents an increasingly competitive source of new generation. Between 2010 and 2019, the global weighted-average cost of electricity from onshore wind projects fell by 39%, from USD 0.086/kWh to USD 0.053/kWh, as cumulative installed capacity grew from 178 GW to 594 GW. The decline in the cost of electricity from onshore wind has been driven by reductions in total installed costs and improvements in the technology of wind turbines, which have increased capacity factors and lowered operations and maintenance (O&M) costs. Wind turbine prices have fallen by around 55-60% since 2010, with the global weighted-average total installed cost falling more slowly, by 24%. For onshore wind, the key impact on reducing costs that improvements in technology have been having is through the deployment of larger turbines, with higher hub-heights and swept areas. These can collect more electricity than older turbines from the same resource. As a result, the global weighted-average capacity factor of newly commissioned onshore wind projects increased by almost a third between 2010 and 2019. For offshore wind, over this period, the global weighted-average LCOE of newly commissioned facilities fell from USD 0.161/kWh to USD 0.115/ kWh, as cumulative installed capacity at the end of 2019 reached 28 GW. With a relatively volatile trend in weighted-average values, given the relatively small number of projects added in some years, there is somewhat more “noise” in the data for any one year-on-year comparison. From 2010 to 2019, however, total installed costs fell by around 18%, as capacity factors increased by around one-fifth, from 37% in 2010 to 44% in 2019. Figure 1.2 Global LCOEs from newly commissioned utility-scale renewable power generation technologies, 2010-2019 Source: IRENA Renewable Cost Database. Note: This data is for the year of commissioning. The diameter of the circle represents the size of the project, with its centre the value for the cost of each project on the Y axis. The thick lines are the global weighted-average LCOE value for plants commissioned in each year. Real weighted average cost of capital (WACC) is 7.5% for OECD countries and China and 10% for the rest of the world. The single band represents the fossil fuel-fired power generation cost range, while the bands for each technology and year represent the 5th and 95th percentile bands for renewable projects. 22 2019 USD/kWhPDF Image | RENEWABLE POWER GENERATION COSTS IN 2019
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