Large-scale solar LCOE fell 3% to $0.049/kWh in 2022, says IRENA


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.

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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.

pv magazine print edition

In the latest, “In Conversation” issue of pv magazine we talk to a range of people about their experience with solar, from a sailor and a pair of overland adventurers to a mountain climber and more besides. We also focus on Africa to consider why a continent with such vast solar resource still lags more developed economies when it comes to widespread PV and energy storage rollout.

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