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The growing maturity of the market (cumulative deployment grew by 578 GW between 2000- 2019) should also not be overlooked. Increased operational experience and favourable government regulations and policies, have reduced project development and operation risks for onshore wind, especially in established markets. Development, installation and operational risks are now better understood, with adequate mitigation measures in place, all driving down project risk. Figure 2.9 presents the historical evolution of the LCOE of onshore wind in 15 countries where IRENA has the longest time series data. The data should be interpreted with care, and cross- country comparisons are problematic, because of the variation in base years for each country in the data available to IRENA. Having said this, the biggest LCOE reduction – 85% – was in the United States, which had the second largest reduction in average total installed costs and largest improvement in average capacity factor, among the 15 countries analysed. Sweden and India both had the second and third largest weighted average LCOE reductions, at 81% and 79% respectively. In 2019, the United States, Sweden, India, China, and Brazil all have weighted average LCOEs below USD 0.050/kWh – the lower range for fossil fuel-fired power generation. Table 2.4 shows the country/region weighted average LCOE and 5th and 95th percentile ranges by region in 2010 and 2019. In 2019, the highest weighted average LCOE for commissioned projects by region was USD 0.099/kWh in “Other Asia” (e.g., excluding China and India), while projects commissioned in North America saw the lowest weighted average LCOE, at USD 0.051/kWh. The highest LCOE reductions between 2010 and 2019 were in Oceania and South America, with a 54% (USD 0.117/kWh to USD 0.054/kWh) and 44% (USD 0.101/kWh to USD 0.057/kWh) reduction respectively. Wind power projects are increasingly achieving LCOEs of under USD 0.040/kWh, and in some cases, as low as USD 0.030/kWh. The most competitive weighted average LCOEs below USD 0.050/kWh were observed across different regions: in Asia (India and China), Europe (Finland and Sweden), Africa (Egypt), North America (the United States), and South America (Argentina and Brazil). Considering LCOE ranges regionally, in 2019, the 5th and 95th percentile range for the global weighted-average LCOE was between USD 0.035 in North America and USD 0.131/kWh in Other Asia. Table 2.3 Regional weighted average LCOE and ranges for onshore wind, 2010 and 2019 ONSHORE WIND 2010 2019 5th percentile Weighted average 95th percentile 5th percentile Weighted average 95th percentile (2019 USD/kWh) Africa 0.061 0.100 0.119 0.050 0.067 0.072 Other Asia 0.090 0.117 0.129 0.057 0.099 0.131 Central America and the Caribbean 0.080 0.086 0.131 0.061 0.061 0.061 Eurasia 0.089 0.108 0.123 0.048 0.064 0.093 Europe 0.067 0.107 0.143 0.037 0.067 0.096 North America 0.051 0.089 0.144 0.035 0.051 0.082 Oceania 0.101 0.117 0.155 0.043 0.054 0.071 Other South America 0.087 0.101 0.131 0.039 0.057 0.092 Brazil 0.080 0.095 0.120 0.032 0.048 0.056 China 0.051 0.072 0.101 0.037 0.046 0.064 India 0.050 0.083 0.120 0.036 0.049 0.070 Source: IRENA Renewable Cost Database. 59PDF Image | RENEWABLE POWER GENERATION COSTS IN 2019
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