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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.
These benchmarks help measure progress toward goals for reducing solar electricity costs and guide SETO research and development programs. Read more to find out how these cost benchmarks are modeled and download the data and cost modeling program below.
The cost of utility-scale solar in 2022 was down 84% from 2010. Solar power purchase agreements in the West were an average of $10/MWh lower than in other regions. Larger utility-scale solar projects (20 MW+) cost 26% less per MW than projects between 5-20 MW. Annual Energy Outlook, 2023.
Projected change in price by fuel type, 2022-2050 Solar, wind, and hydropower are based on the projected levelized cost of energy, which includes capital expenditures and operating costs, while natural gas, coal, and nuclear are based on the projected cost of only the heat content of these plants.
Germany achieved a record share of wind and solar in its electricity mix over the first nine months of 2024, exceeding fossil fuels for the first time. New solar capacity additions in the first nine months of 2024 show that Germany is continuing the record pace set in 2023.
With more than 28,000 turbines and a cumulative capacity of 63 gigawatts (GW) in operation across the country, Germany boasted the largest installed onshore wind fleet in Europe and the third largest globally in 2024. The annual rate of expansion has varied greatly throughout the past years.
By 2011, solar PV provided 18 TWh of Germany's electricity, or about 3% of the total. That year the federal government set a target of 66 GW of installed solar PV capacity by 2030, to be reached with an annual increase of 2.5–3.5 GW, and a goal of 80% of electricity from renewable sources by 2050.
Germany alone accounted for 26% of EU wind generation growth in the first nine months of this year. German renewables hit records in the first nine months of 2024, accounting for 59% of total power generation. This marks a considerable increase from 52% in the same period of 2023, and continues the trend of strong growth in recent years.
