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62 RENEWABLE POWER GENERATION COSTS 2019 RECENT MARKET TRENDS By the end of 2019, over 580 GW of solar PV systems had been installed, worldwide. This represents a 14-fold growth for the technology since 2010. About 98 GW of newly installed systems was commissioned just during 2019. These new capacity additions were the highest among all renewable energy technologies for the year. Growth in 2019 was driven by continued new capacity additions in Asia, with the region contributing about 60% of the new installations during the year. Developments in that region were driven by China, India, Japan and the Republic of Korea, which together installed 47.5 GW of new PV capacity during 2019. Viet Nam has emerged as a new, important PV market in the region, after installing about 5.6 GW last year in another example of newer markets gaining maturity. Meanwhile, historical markets outside Asia continued to gain scale. The United States, Australia and Germany together installed another 17.5 GW, while both Spain (4.0 GW) and Ukraine (3.9 GW) both stood out after experiencing notable growth compared to 2018 (IRENA, 2020a). TOTAL INSTALLED COSTS Solar PV module cost trends An important driver of improved competitiveness historically, the downward trend in solar PV module costs continued during 2019. Between December 2009 and December 2019, crystalline silicon module prices declined between 87% and 92% for modules sold in Europe, depending on the type. The weighted average cost reduction could be in the order of 90% during that period. More recently the cost of mainstream module technology declined 14% between December 2018 and December 2019, reaching USD 0.27/Watt (W). A wide range of costs exists, however, depending on the type of module considered, with costs for December 2019 varying from as low as USD 0.21/W for the lower cost modules to as high as USD 0.38/W for all black modules. The cost of high efficiency crystalline modules at USD 0.37/W was slightly above thin film offerings, which sold for USD 0.36/W during that period. Data for bifacial modules has also started to become available. During December 2019, bifacial module costs were 56% higher than the ‘mainstream’ category and 18% higher than the more expensive, mono-facial option. While there is still insufficient historical data to more consistently assess bifacial module costs trends, this technology’s costs per Watt have been within a close range of the higher performing mono- facial options in recent months. This may support expectations of increased bifacial technology adoption in the market, given its potential for increased yield per Watt, compared to mono-facial technologies. Between 2013 and 2019, market-level module costs declined between 29% (South Africa) and 69% (France) for the markets for which historical data is available. Data for 2019 shows that a wide range of module costs still exists among the evaluated markets. Compared to 2018, however, the range has narrowed both in USD/W terms (from USD 0.52/W to USD 0.32/W), as well as in the ratio of the highest to lowest costs in the assessed markets (from 2.89 times to 2.35 times). Atthesametime,modulecostreductionsofbetween 4% and 30% occurred in all assessed markets between 2018 and 2019, pointing to the increasing cost maturity of a growing number of markets (Figure 3.2). Even though manufacturing scale and experience still play an important role in achieving low module costs, recent module cost reductions are closely related to module manufacturing process optimisation and to efficiency gains associated with increased adoption of newer cell architecture types. The market shift towards higher utilisation of both multi- and mono passivated emitter rear cell (PERC) architectures is an example of this. Solar PV modules based on these and other similar cell architecture types (often referred to as double-sided contact cell concepts) already make up 60% of the market in 2019 and are expected to gain further dominance in the next years. The average module efficiency of crystalline modules has increased from 14.7% in 2010 to 19.2% in 2019 (ITRPV, 2020). In solar PV modules, higher efficiencies translate in to smaller areas required for a given wattage. Higher module efficiencies therefore directly reduce module costs per watt and those balance of system costs related to the area of the solar installation (e.g., racking and mounting structures, cabling, etc.). Cost reductions have also been achieved in the solar PV module manufacturing value chain (e.g., reduced materials usage from diamond wire sawing, higher throughput in factories, automation and reduced labour costs). These, then reflect in lower achievable costs per Watt (IRENA, 2018).PDF Image | RENEWABLE POWER GENERATION COSTS IN 2019
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