How much has the cost of solar dropped since 2010?

The cost of solar energy has dropped by 82% since 2010, according to the International Renewable Energy Agency (Irena) in its Renewable Power Generation Costs in 2019 report.

How much does solar cost?

The levelized cost of energy generated by large scale solar plants is around $0.068/kWh, compared to $0.378 ten years ago and the price fell 13.1% between 2018 and last year alone, according to figures released by the International Renewable Energy Agency. The costs of solar are set to keep on falling despite the fallout of Covid-19 this year.

Where did solar energy prices fall?

Other notable falls included China, Italy and South Korea, where the solar electricity price retreated 82%, as well as Spain (81%), Australia (78%), France (77%), Germany (73%) and the U.S. (66%). Emerging markets, too, have benefited from price falls. Vietnam, for instance has seen the solar energy cost fall 55% since 2016.

What is the cost of solar energy in India?

The cost of solar energy in India has fallen 85% since 2010, according to the Irena report. The current nationally-weighted average cost of electricity from large scale solar is $0.068/kWh. The cost fell 13.1% between 2018 and last year alone.

How has solar power changed over time?

Both are measured on logarithmic scales, and the trend follows a straight line. That means the fall in cost has been exponential. Costs have fallen by around 20% every time the global cumulative capacity doubles. Over four decades, solar power has transformed from one of the most expensive electricity sources to the cheapest in many countries.

How have solar panels cost and efficiency changed over time?

Let’s take a look at how solar panel cost and efficiency have changed over time. Solar panels are about 60% cheaper and 40% more efficient than they were in 2010. Solar panels in 2010 cost about $8.70 per watt and were about 15% efficient. Today, solar panels cost about $3.00 per watt on average and are between 19% and 22% efficient.