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72 RENEWABLE POWER GENERATION COSTS 2019 Figure 3.7 Utility-scale solar PV weighted average cost of electricity in selected countries, 2010-2019 0.6 0.4 0.2 0.0 0.6 0.4 0.2 0.0 0.6 0.4 0.2 0.0 0.6 0.4 0.2 0.0 0.6 0.4 0.2 0.0 Australia Germany Japan Ukraine Netherlands Data starts in 2006 2010 -78% -73% -64% -81% -7% 2019 2010 China India Republic of Korea United Kingdom Turkey -82% -85% -82% -77% -31% 2019 2010 France Italy Spain United States Viet Nam -77% -82% -81% -66% -55% 2019 2019 USD/kWh Source: IRENA Renewable Cost Database. has stayed below USD 0.096/kWh since 2017. During 2019, the most competitive residential PV LCOE costs occurred in India, at USD 0.063/kWh, with Chinese costs just 7% higher (Table 3.3). In 2019, the lowest average LCOE for commercial PV up to 500 kW could be found in India and China, at USD 0.062 and USD 0.064/kWh, respectively (Table 3.3). Between 2017 and 2019, the LCOEs in these markets have fallen 12% and 26%, respectively. Since 2017, these two markets have been more competitive in terms of the LCOE of commercial systems, after having undercut what was by then the reference LCOE benchmark for commercial systems – Australia. This is despite a 20% LCOE reduction in the Australian market between 2017 and 2019. The markets with the highest LCOE in 2019 were the United Kingdom and Massachusetts, at USD 0.187/kWh and USD 0.186/kWh, respectively. The overall commercial PV LCOE range by markets declined from between USD 0.259 and USD 0.625/kWh in 2010 to USD 0.062 and USD 0.187/kWh in 2019 – a reduction of between 70% and 76%.PDF Image | RENEWABLE POWER GENERATION COSTS IN 2019
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