L R AS Published on Sunday 27 June 2021 - n° 368 - Categories:evolution-stat

The cost of solar energy fell by a further 7% last year.

According to IRENA, 62% (162 GW) of the renewable energy added last year was developed at a lower price than the cheapest fossil fuels, thanks to

to the falling cost of renewable technologies. The cost of solar power has fallen by a further 7% in the last year.

Today, solar PV is cheaper than the new cheapest coal option without any financial support. Specifically, in the US, 61% (149 GW) of total coal-fired capacity costs more than renewable energy. In India, 141 GW of coal is more expensive. And in Germany, no existing coal-fired plant has a lower operating cost than a new solar PV plant. The Fraunhofer Institute reports that in Germany the average cost of PV was between 0.031 and 0.1101c€/kWh, the average cost of PV + storage varies between 0.0524 and 0.198c€/kWh.

In 2021, the LCOE of renewables is at the same level as that of conventional power plants.

By 2040, the cost of ground-mounted photovoltaic systems is expected to fall to between 0.019€/kWh and 0.035 kWh

By 2040, the cost of ground-mounted photovoltaic systems should fall below 350 €/kW (NDLR sic)

https://www.pv-tech.org/solar-increasingly-beating-even-cheapest-fossil-fuels-on-price-irena-study-finds/

PV Tech of 23 June 2021

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