RENEWABLE POWER GENERATION COSTS IN 2019

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RENEWABLE POWER GENERATION COSTS IN 2019 ( renewable-power-generation-costs-in-2019 )

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SOLAR PHOTOVOLTAICS HIGHLIGHTS • The global weighted-average LCOE of utility- scale PV plants declined by 82% between 2010 and 2019, from around USD 0.378/kWh to USD 0.068/kWh in 2019, with a 13% reduction year-on-year in 2019. • At an individual country level, the weighted average LCOE of utility-scale solar PV declined by between 66% and 85% between 2010 and 2019. • The cost of crystalline solar PV modules sold in Europe declined by around 90% between December 2009 and December 2019. • The global capacity weighted-average total installed cost of projects commissioned in 2019 was USD 995/kW, 79% lower than in 2010 and 18% lower than in 2018. • Solar PV capacity grew 14-fold between 2010 and 2019, with 580 GW installed at the end of 2019. • The total installed costs in the residential rooftop PV market are higher than utility- scale due to their small size, but decreased by between 47% and 80% between 2010 and 2019 depending on the market. • Total installed system costs in the commercial rooftop markets where data is available decreased by between 64% and 86% between 2010 and 2019. • On average, in 2019, balance of system costs (excluding the module and inverter) made up about 64% of total installed costs. • The global weighted-average capacity factor for new, utility-scale solar PV, increased from 13.8% in 2010 to 18.0% in 2019. This was predominantly driven by the increased share of deployment in sunnier locations. Figure 3.1 Global weighted average total installed costs, capacity factors and LCOE for PV, 2010–2019 5500 5 000 4 500 4 000 3 500 3 000 2 500 2 000 1 500 1 000 500 0 40% 30% 20% 10% 0% 15.3% 16.4% 16.5% 0.50 0.45 0.40 0.35 0.30 17.7% 18.0% 0.25 Total installed cost Capacity factor Levelised cost of electricity 47 02 3 936 2 985 2 615 0.378 0.286 0.223 0.175 2 180 364 1 1637 1 415 14% 16.6% 16.7% 15.1% 18.2% 0.20 0.15 0.10 0.05 1 208 995 0.164 0.126 0.114 0.092 0.079 0.068 0 Source: IRENA Renewable Cost Database. 61 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/kWh

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