Applications & Installations

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

The International Renewable Energy Agency (IRENA) says that PV, onshore wind, concentrated solar power (CSP), bioenergy, and geothermal energy experienced substantial reductions in their levelized cost of electricity (LCOE) in 2022.
Luis Ini
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Luis Ini
Image: 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.

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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