IRENA says in its new “Renewable Power Generation Costs in 2022” report that the LCOE for large-scale PV facilities fell by 3% year on year in 2022 to $0.049/kWh.
The report also indicates a 5% decline in the LCOE of onshore wind, dropping from $0.035/kWh to $0.033/kWh between 2021 and 2022. In contrast, the LCOE for new offshore wind projects increased by 2% in 2022, from $0.079/kWh to $0.081/kWh.
IRENA says that China drove the global decrease in solar and onshore wind costs in 2022, while other markets had more varied outcomes, including higher costs in several important markets.
IRENA also noted that while PV was 710% pricier than the least expensive fossil fuel-powered solution in 2010, by 2022, it had become 29% cheaper than the least expensive fossil fuel-powered option.
