The IRENA Renewable Cost Database includes 15000 data points for LCOE from projects around the globe, representing over 1000 gigawats (GW) of power generation capacity.
With every doubling of cumulative installed capacity for onshore wind, investment costs drop by 9% while the resulting electricity becomes 15% cheaper. As installation accelerates, the cost equation for renewables just gets better and better.Onshore wind, whose costs fell 18% in the same period, provides very competitive electricity, with projects routinely commissioned nowadays at USD 0.04/kWh.The levelised cost of electricity (LCOE) from solar photovoltaics (PV) decreased by 69% between 20 – coming well into the cost range of fossil fuels.In developed countries, solar power has become cheaper than new nuclear power.Global competition is helping to spread the best project development practices, reducing technology and project risk and making renewables more cost-competitive than ever before.Yet these mechanisms are very rapidly driving down costs in new markets. They spared no effort to help, straining their already limited resources.
Competitive procurement – including auctions – accounts for a small fraction of global renewable energy deployment. Rohingya refugees fled violence in Myanmar at a staggering rate in 2017 and.Renewable power generation costs continue to fall and are already very competitive to meet needs for new capacity.The comprehensive Renewable Power Generation Costs in 2017 from the International Renewable Energy Agency (IRENA) highlights the trends for each of the main renewable power technologies, based on cost and auction price data from projects around the world. Renewable energy has emerged as an increasingly competitive way to meet new power generation needs. The Executive Summary is available in English and Japanese (日本語).