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Figure 3.6 Global utility-scale solar PV project levelised cost of electricity and range, 2010-2019 SOLAR PHOTOVOLTAICS 0.378 0.5 0.4 0.3 0.2 0.1 0.0 95th percentile 0.286 0.223 0.175 0.164 0.126 0.114 0.092 0.079 weighted average 2011 5th percentile 2012 2013 Capacity (MW) 2014 2015 2016 2017 ≥ 300 2018 2019 0.068 1 100 200 Source: IRENA Renewable Cost Database. treated with caution. Reducing the WACC to 5% in OECD countries would reduce the weighted average LCOE by around one-fifth from the values reported here. Future work by IRENA will collect financing data to develop more accurate, country- specific WACC data. The LCOE of residential PV systems has also experienced a steep reduction. Assuming a 5% WACC,21 the LCOE of residential PV systems in the markets shown in Table 3.3 declined from between USD 0.301/kWh and USD 0.455/kWh in 2010 to between USD 0.063/kWh and USD 0.265/kWh in 2019 – a decline of between 42% and 79%. Germany, a market that has been a major growth driver in residential solar PV over the last ten years, has very competitive total installed costs, yet relatively poor solar resources. The LCOE of German residential systems more than halved between 2010 and 2019. The LCOE of residential costs in Japan declined 64% during the same period, during which, steeper LCOE reductions (by about three- quarters) occurred in other historical markets with better resources, such as Italy and Australia. Available data since 2013 from India, China, Australia, Spain, and Malaysia shows that in these locations, which have good irradiation conditions and have experienced increasingly competitive total installed costs, very low LCOEs can be achieved. In these low-cost markets, the LCOE range declined between 2013 and 2019, from between USD 0.156/kWh and USD 0.220/kWh to between USD 0.071/kWh and USD 0.121/kWh – a decline of between 46% and 57%. The LCOE of residential PV systems in India, China and Australia 21 This is lower than the 7.5% for the OECD and China and 10% elsewhere assumed for utility-scale projects in all the other LCOE calculations in this report. This is based on the lower expected returns required by the owners of the assets in these sectors where self- consumption is often a major driver. 71 2019 USD/kWh 2010PDF Image | RENEWABLE POWER GENERATION COSTS IN 2019
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