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Between 2010 and 2019, the dramatic fall in solar PV module prices, along with continuing reductions in BoS costs (albeit at a slower rate) and the increase in capacity factors saw the global weighted-average LCOE of newly commissioned utility-scale solar PV fall 82%, to USD 0.068/kWh in 2019. As a result, around 40% of the capacity deployed that year had costs (excluding any financial support) that were lower than the cheapest, new, fossil fuel-fired capacity option. The country-level weighted-average cost of electricity from utility-scale solar PV between 2010 and 2019 fell by 85% in India, 82% in China, Italy and the Republic of Korea; 81% in Spain, 78% in Australia, 73% in Germany and 66% in the United States. Emerging PV markets have also seen rapid declines, with Viet Nam, for example, seeing the cost of electricity from solar PV falling 55% since 2016. Onshore wind Continuous technological innovation remains a constant in the renewable power generation market, with onshore wind no exception. The global weighted-average LCOE of projects using this technology and commissioned in 2019 was USD 0.053/kWh — 9% lower than in 2018 and 39% lower than in 2010, when it was USD 0.086/kWh. Onshore wind now consistently outcompetes even the cheapest fossil fuel-fired source of new electricity, while costs continue to edge lower. The lower cost of electricity for onshore wind in 2019 was driven by continued reductions in total installed costs, as wind turbine prices continued their downward trend. Just as importantly, the LCOE reduction was also driven by improvements in the average capacity factor (Figure 1.5). After 40 years of commercial development, wind turbine technology continues to improve, with improvements in turbine design and manufacturing. In addition, more competitive global supply chains and an expanding suite of turbines designed to minimise LCOE in a range of operating conditions have contributed to reducing the cost of electricity from onshore wind, either by reducing capital costs (e.g., the material and labour costs of manufacturing) and/or by increasing energy yields for a given resource (e.g., higher hub-heights with larger swept blade areas). Figure 1.5 Global weighted average total installed costs, capacity factors and LCOE for onshore wind power, 2010-2019 LATEST COST TRENDS 3 500 3 000 2 500 2 000 1 500 1 000 500 0 60% 95th percentile 50% 40% 0.15 0.10 0.05 0.00 Total installed cost Capacity factor 32.3% 29.1%30.6% Levelised cost of electricity 1949 1972 1 939 1 781 1642 1635 30% 20% 10% 0% 35.6% 34.0% 0.086 0.083 0.083 0.082 0.076 1 828 1 628 28.5% 28.8% 27.7% 27.0% 1549 1 473 27.1% 0.064 0.058 0.069 0.066 5th percentile 0.053 Source: IRENA Renewable Cost Database. 29 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2019 USD/kW Capacity factor 2019 USD/kWhPDF Image | RENEWABLE POWER GENERATION COSTS IN 2019
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