Solar Energy Costs Fall 82% Since 2010

BUSINESS TURKMENISTAN
Solar Energy Costs Fall 82% Since 2010
Since 2010, the cost of energy has dropped by 82% for photovoltaic solar. (Photo: MIT)

“Since 2010, the cost of energy has dropped by 82% for photovoltaic solar, by 47% for concentrated solar energy (CSP), by 39% for onshore wind and by 29% for wind offshore,” International Renewable Energy Agency (IRENA) said in its Renewable Power Generation Costs in 2019 report published in June.

The data were compiled from the costs and tariffs reported for 17,000 renewable energy project tenders last year which should eventually add up to 1.7 GW of clean power generation capacity.

According to the report, the cost reductions in the last decade were due to improved technology, economies of scale, supply chain competitiveness and the growing experience of developers.

“The same amount of money invested in renewable energy is producing far more new capacity today than it was ten years ago,” IRENE said in the report. In 2010, the 88 GW of renewables capacity installed worldwide required the equivalent of $210 billion. Last year, twice that capacity volume was put into service for $253 billion – around 20% more investment.

The IRENA is an intergovernmental organisation mandated to facilitate cooperation, advance knowledge, and promote the adoption and sustainable use of renewable energy. Founded in 2009, the agency is headquartered in Masdar City, Abu Dhabi and is an official United Nations observer. 160 states and the European Union are members of IRENA, and a further 23 are in the process of accession.