levelized cost of electricity

An international research group has conducted a literature review of capital expenditure-driven levelized cost of electricity optimization strategies for utility-scale PV systems. Tracking optimization, system voltage escalation, and advanced system design are identified as the most promising cost reduction areas. “The next wave of PV research must be LCOE-native, system-level, and deployment-validated,” a member of the research group said.

The International Renewable Energy Agency (IRENA) says the result represents a 12% year-on-year decline. The figure has fallen 90% since the start of 2010.

Researchers have analyzed the viability of floating PV in terms of net present value, internal rate of return, and LCOE. They included 25 European countries in their work, including Germany, the United Kingdom, Spain, and Italy.

In its latest monthly column for pv magazine, the European Technology and Innovation Platform for Photovoltaics (ETIP PV) presents its levelized cost of electricity (LCOE) calculations for several European locations in period between 2023 and 2050. The organization forecasts that solar LCOE in Europe may fall by up to 50% by 2050.

In May 2022, PV experts from around the world convened in Germany for the third Terawatt Workshop. Almost one year later, takeaways from discussions at the workshop – combined with a wide-ranging review of research on decarbonization pathways, energy demand projections, and the state of the art in PV technology – led to the conclusion that 75 TW of installed solar capacity by 2050 was a realistic global target. More than 50 leading PV industry figures recently outlined the opportunity and the challenges that solar will face in reaching this goal.

Forecasts for the levelized cost of electricity (LCOE) of solar PV were hotly contested over the past decade, with one trend predominating: All but the most optimistic outlooks were wrong. pv magazine has gathered data to showcase the recent evolution of solar PV energy costs, and the results are stark. Within just a few years, initial projections become outdated, which means that forecasts of solar PV prices are more art than science.

Using an application based on resource data and country-specific techno-economic inputs, a report has analyzed the costs of developing utility scale renewables in Southeast Asia and found abundant, cost-competitive potential.

A study of the relative costs of generation using coal and PV has focused on Vietnam as a case study as the nation is dependent on costly imports of seaborne coal. Analysts paint a straightforward picture explaining why a planned 32 GW new coal pipeline should be shelved.

At Intersolar Europe, Gamesa Electric’s solar sales director, Enrique de la Cruz explained the key to ensuring high reliability and a low energy price with the company’s new central inverter offering.

With clean energy being generated at lower and lower prices around the world, solar power is playing a leading role in bringing the curtain down on coal, and will help the decarbonization of transport and space heating too.