Renewable Power Generation Costs in 2019
According to the latest cost data from the International Renewable Energy Agency (IRENA), the global weighted-average levelised cost of electricity (LCOE) of utility-scale solar photovoltaics (PV) fell 82% between 2010 and 2019, while that of concentrating solar power (CSP) fell 47%, onshore wind by 39% and offshore wind at 29%, the IRENA Renewable Cost Database shows.Renewable power generation costs have fallen sharply over the past decade, driven by steadily improving technologies, economies of scale, competitive supply chains and growing developer experience. Costs for electricity from utility-scale solar photovoltaics (PV) fell 82% between 2010 and 2019. New solar and wind projects are undercutting the cheapest and least sustainable of existing coal-fired power plants. Auction results show these favourable cost trends continuing in 2020 and beyond. Renewable power installations could form a key component of economic stimulus packages in the wake of the COVID-19 pandemic.