Global Organization
Between 2022 and 2023, utility-scale solar PV projects showed the most significant decrease (by 12%). For newly commissioned onshore wind projects, the global weighted average LCOE fell by 3% year-on-year; whilst for offshore wind, the cost of electricity of new projects decreased by 7% compared to 2022.
Data are taken from the Microgeneration Certification Scheme - MCS Installation Database. For enquiries concerning this table email [email protected]. Small scale solar PV cost data for 2023-2024 published. Small scale solar PV cost data for 2022-2023 published. Small scale solar PV cost data for 2021-2022 published.
Traditional PV systems have been useful since their rise in the mid-2000s, but their rapid scale-up brought challenges too. Their south-facing orientation causes a midday power surge, leading to price swings that push down wholesale prices during peak production times.
Higher solar power value: by producing energy during peak demand times, bifacial panels can get higher prices for their output. Lower base power prices: more steady energy production throughout the day can help lower overall electricity costs.
The levelised cost of a generation technology is the ratio of the total costs of a generic plant to the total amount of electricity expected to be generated over the plant’s lifetime. Both are expressed in net present value terms. This means that future costs and outputs are discounted, when compared to costs and outputs today.
Levelised costs do not cover wider costs to the electricity system as they only relate to those costs accruing to the owner/operator of the generation asset. Further analysis on Wider System Impacts, including illustrative scenarios, can be found in Section 7 of the 2020 Electricity Generation Costs Report.
This table contains information on the cost per kW of solar PV installed by month.
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