2021-10-14-IRENA-Renewable_Power_Generation_Costs_in_2018_88页_6mb

🧾 Renewable Power Generation Costs in 2018: Key Findings

1. Renewable Energy Cost Decline
   In 2018, the global weighted-average Levelised Cost of Electricity (LCOE) for renewable technologies declined significantly across all major technologies: Concentrating Solar Power fell by 31% (to USD 0.185/kWh), Solar PV by 14% (to USD 0.085/kWh), Onshore Wind by 13% (to USD 0.056/kWh), Hydropower by 11% (to USD 0.047/kWh), and Offshore Wind by 1% (to USD 0.127/kWh). Many renewables became cost-competitive with fossil fuels without financial support. [Figure 1.5]

2. Technology-Specific Cost Trends

   • Solar PV: Installed costs fell 28% to USD 530/kW, with LCOEs dropping 77% overall. Auction data suggests solar could reach USD 0.048/kWh by 2020. Deployment grew by 94 GW (up 31% YoY).
   • Onshore Wind: Installation costs reduced 6% to USD 1,389/kW; LCOE fell 35% overall. Offshore wind costs stabilized after decreasing by 77% since 2010.
   • CSP: Costs averted fell 28% to USD 3,200/kW; LCOE dropped 46%. New markets in China and Morocco drove rapid cost reductions.
   • Hydropower: Costs rose 16% YoY but remained stable long-term at USD 1,492/kW. Capacity factors increased to 51% in key regions.

3. Market and Policy Drivers
   Competitive auctions, larger turbine ratings (e.g., wind turbines up to 8.8 MW), improved capacity factors, and module price declines (e.g., solar modules dropped 44–61% YoY) drove cost reductions. Policy frameworks also minimized risks, reducing the Weighted Average Cost of Capital (WACC).

4. Future Projections
   By 2020–2022, auction and PPA data indicate renewables will be highly cost-competitive. Solar could fall to USD 0.048/kWh, Onshore Wind to USD 0.045/kWh, and CSP could dip into USD 0.06–0.10/kWh.

Summary

• Renewables, led by Solar PV and Onshore Wind, achieved the lowest electricity costs globally.
• Technological advancements, scale, and policy support drove global cost reductions.
• Renewables are now economic pillars of energy transformation, enabling decarbonization and electrification in end-use sectors.

[Source: IRENA (2019) Report]