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ONSHORE WIND HIGHLIGHTS • The global weighted-average LCOE of onshore wind fell 39% between 2010 and 2019 from USD 0.086/kWh in 2010 to USD 0.053/kWh in 2019. There was an 9% year-on-year reduction in 2019. • In 2019, 41 GW (75%) of the new onshore wind projects commissioned had an LCOE lower than the cheapest new source of fossil fuel-fired power generation. • The cumulative capacity of onshore wind has increased more than threefold during the past decade, from 178 GW in 2010 to 594 GW in 2019. • The global weighted-average total installed cost has fallen by 24%, from USD 1949/kW in 2010 to USD 1 473/kW in 2019, when it was down 5% on the 2018 value of USD 1 549/kW. • The country/region weighted-average total installed cost for onshore wind in 2019 ranged from from around USD 1 055 to USD 2 368/kW. China and India have weighted-average total installed costs between 21% to 55% lower than other regions. • Average turbine prices fell below USD 850/kW in 2019. Prices in most regions, excluding China, have fallen by between 55% and 65% from their peaks in 2008 and 2009.Chinese wind turbine prices have fallen 78% since their peak of USD 2 480/kW in 1998, to USD 550/kW. • Technology improvements have resulted in an almost one-third improvement in the global weighted-average capacity factor, from 27% in 2010 to 36% in 2019. Figure 2.1 Global weighted average total installed costs, capacity factors and LCOE for onshore wind, 2010-2019 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. 47 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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