Data Analysis: IRENA Reveals Solar LCOE Decline

Thursday, 26 September 2024, 02:14

Data from IRENA indicates a significant drop in solar levelised cost of electricity (LCOE). The global weighted average LCOE for utility-scale PV plants decreased by 12% year-on-year, now at US$0.044/kWh in 2023, showcasing a staggering 90% reduction since 2010. This report highlights changing trends in renewable energy costs essential for finance and investment strategies.

Pv-tech — Data Analysis: IRENA Reveals Solar LCOE Decline

IRENA's Significant Data Findings

According to the International Renewable Energy Agency (IRENA), the levelised cost of electricity (LCOE) for solar energy continues to trend downward. In 2023, the global weighted average LCOE for utility-scale photovoltaic (PV) plants dropped to US$0.044/kWh, marking a significant 12% decrease from 2022 figures. This trend represents an overall decline of 90% since 2010.

The Impact on Finance and Investment

The consistent decrease in module prices and advancements in technology are key contributors to this dramatic fall in costs. These findings play a crucial role in shaping investment decisions within the renewable energy sector.

Global Shift toward Renewable Energy
Increased module efficiency driving costs down
Importance of financial strategies in adopting renewables

Conclusion: A Bright Future for Renewables

Data shows a clear trend favoring the expansion of renewable energy sources, supported by cost reductions in solar technology.

This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.