IRENA Datafile RenPwrGenCosts in 2023 v1

Renewable Power Generation Costs in 2023
This publication should be cited as: Citation: IRENA (2024), Renewable Power Generation Costs in
Contents
Highlights
Executive Summary
1. Latest cost trends
2. Onshore wind
3. Solar PV
4. Offshore wind
5. Concentrated solar power
6. Battery storage
7. Hydropower
8. Geothermal
9. Bioenergy
Annex I
This file contains data from the above mentioned report.

Note: Monetary values in this report are expressed in real 2023 USD (that is to say, takin
Contact: [email protected]
ts in 2023
newable Power Generation Costs in 2023, International Renewable Energy Agency, Abu Dhabi.
al 2023 USD (that is to say, taking into account inflation) unless explicitly mentioned.
Contents
Table H.1 Global weighted average total installed cost, capacity factor and LCOE trends by
technology, 2010 and 2023
Total installed costs Capacity factor Levelised cost of electricity

(2023 USD/kW) (%) (2023 USD/kWh)
Percent Percent
2010 2023 2010 2023 2010
change change
Bioenergy 3 010 2 730 -9% 72 72 0% 0.084
Geothermal 3 011 4 589 52% 87 82 -6% 0.054
Hydropower 1 459 2 806 92% 44 53 20% 0.043
Solar PV 5 310 758 -86% 14 16 14% 0.46
CSP 10 453 6 589 -37% 30 55 83% 0.393
Onshore wind 2 272 1 160 -49% 27 36 33% 0.111
Offshore wind 5 409 2 800 -48% 38 41 8% 0.203
Levelised cost of electricity
(2023 USD/kWh)
Percent
2023
change
0.072 -14%
0.071 31%
0.057 33%
0.044 -90%
0.117 -70%
0.033 -70%
0.075 -63%
Contents
Figure S.1 Change in global weighted average LCOE for solar and wind compared to fossil fuels, 2010-2023
Solar photovoltaic
2010 2023
5th percentile 138% -65%
Weighted average 414% -56%
95th percentile 497% 5%
Onshore wind
2010 2023
5th percentile -19% -81%
Offshore wind
2010 2023
Concentrated solar power

2010 2023
5th percentile 235%
Weighted average 339% 17%
95th percentile 391%
s, 2010-2023
Figure S.2 Global fossil fuel cost savings in the electricity sector in 2023 from renewable power added since 2000
By region USD billion in savings

Africa 11
Asia 212
Central America and the Carribean 3
Eurasia 12
Europe 88
Middle East 5
North America 19
Oceania 5
South America 53
By technology
Biomass 40
Geothermal 4
Hydro 117
Offshore wind 21
Onshore wind 149
Solar photovoltaic 78
added since 2000
Figure S.3 Global LCOE and capacity factors from newly commissioned, utility-scale renewable power technologies, 2023
LCOE Year-on-year percentage change 2022-2023

Global weighted average capacity factor 2023
mmissioned, utility-scale renewable power technologies, 2023
Solar photovoltaic Offshore wind Onshore wind

-12% -7% -3%
16.2 41 35.9
Concentrating solar power Bioenergy Geothermal Hydropower
-4% 14% 23% -7%
54.5 71.9 82.1 53.5
Figure S.4 Global LCOE from newly commissioned utility-scale renewable power technologies, 2010 and 2023
2023 USD/kWh Solar photovoltaic

2010 2023
5th percentile 0.230 0.031 5th percentile
Weighted average 0.460 0.044 Weighted average
Onshore wind
2010 2023
Offshore wind
2010 2023
Concentrated solar power Fossil fuel cost range

2010 2023 Low band
5th percentile 0.336 0.107 High band
Weighted average 0.396 0.117
95th percentile 0.448 0.139
Biomass
2010 2023
0.042 0.056
0.084 0.072
0.158 0.135
Geothermal
2010 2023
0.040 0.053
0.054 0.071
0.084 0.094
Hydro
2010 2023
0.028 0.027
0.043 0.057
0.102 0.320
2023 USD/kWh
0.070
0.176
Contents
Figure 1.1 Share of renewable energy capacity additions by technology in 2023 on a regional level
Technology Africa Asia

Solar photovoltaic 31% 73%
Onshore wind 34% 23%
Offshore wind 0% 2%
Hydropower 34% 1%
Bioenergy 0% 1%
Concentrated Solar Power 0% 0%
Geothermal 1% 0%
Ocean/tidal/wave 0% 0%
gional level
Central America and the Eurasia Europe Middle East

90% 68% 75% 84%
2% 17% 19% 6%
0% 0% 4% 0%
5% 11% 0% 3%
0% 4% 1% 0%
0% 0% 0% 6%
3% 0% 0% 0%
0% 0% 0% 0%
North America Oceania South America Global
77% 70% 64% 73%
23% 15% 28% 22%
0% 0% 0% 2%
0% 14% 4% 1%
0% 0% 4% 1%
0% 0% 0% 0%
0% 0% 0% 0%
0% 0% 0% 0%
Figure 1.2 Global annual new capacity additions of renewable power, 2010-2023.
Year Ocean/tidal/wave Geothermal

2010 0 0
2011 0 0
2012 0 0
2013 0 0
2014 0 0
2015 0 1
2016 0 0
2017 0 1
2018 0 0
2019 0 1
2020 0 0
2021 0 0
2022 0 0
2023 0 0
Concentrated Solar Power Bioenergy Hydropower Offshore wind
0 5 34 1
0 6 28 1
1 5 31 2
1 7 45 2
1 6 38 1
0 6 32 3
0 9 31 3
0 6 21 4
1 7 23 5
1 7 19 5
0 8 20 6
0 6 23 20
0 6 25 8
0 4 7 11
Onshore wind Solar PV
30 17
38 32
46 29
31 36
48 39
64 48
48 72
44 95
44 96
54 102
105 133
71 145
69 199
105 346
Figure 1.3 Global weighted average LCOE and capacity factors from newly commissioned, utility- scale renewable power gen
Solar photovoltaic Offshore wind

LCOE Year-on-year percentage change 2022-2023 -12% -7%
Global weighted average capacity factor 2023 16.2 41
le renewable power generation technologies, 2023
Concentrated solar
Onshore wind power Bioenergy Geothermal Hydropower
-3% -4% 14% 23% -7%
35.9 54.5 71.9 82.1 53.5
Figure 1.4 Global weighted average LCOE from newly commissioned, utility-scale renewable power generation
technologies, 2010-2023
2023 USD/kWh Solar photovoltaic

2010 2023
Onshore wind
2010 2023
Offshore wind
2010 2023
Concentrated solar power Fossil fuel cost range

2010 2023 Low band
5th percentile 0.336 0.107 High band
Weighted average 0.396 0.117
95th percentile 0.448 0.139
wer generation
Biomass
2010 2023
0.042 0.056
0.084 0.072
0.158 0.135
Geothermal
2010 2023
0.403 0.053
0.054 0.071
0.084 0.094
Hydro
2010 2023
0.028 0.027
0.043 0.057
0.102 0.320
2023 USD/kWh
0.070
0.176
Figure 1.5 Global weighted average total installed costs, capacity factors and LCOE from newly commissioned solar PV, onsh
LCOE 2010
Onshore wind 2272
Offshore wind 5409
Capacity factor 2010

Solar photovoltaic 14%
Onshore wind 27%
Offshore wind 38%
Total installed costs 2010

Solar photovoltaic 0.460
Onshore wind 0.111
Offshore wind 0.203
om newly commissioned solar PV, onshore and offshore wind, 2010-2023
2011 2012 2013 2014 2015 2016 2017 2018 2019

4553 3466 3042 2749 2090 1901 1644 1405 1161
2247 2114 2183 2104 1911 1915 1917 1819 1725
6195 5482 5794 6101 6119 4818 5442 5323 4265
2011 2012 2013 2014 2015 2016 2017 2018 2019

15% 15% 16% 17% 17% 17% 18% 18% 18%
28% 28% 28% 29% 29% 31% 33% 35% 36%
38% 40% 45% 35% 42% 40% 45% 43% 43%
2011 2012 2013 2014 2015 2016 2017 2018 2019

0.343 0.256 0.197 0.177 0.132 0.116 0.091 0.077 0.067
0.106 0.096 0.097 0.086 0.074 0.069 0.065 0.055 0.048
0.212 0.179 0.153 0.186 0.152 0.126 0.115 0.108 0.093
2020 2021 2022 2023
1019 950 908 758
1552 1471 1322 1160
3611 3165 3478 2800
2020 2021 2022 2023

16% 17% 17% 16%
36% 39% 37% 36%
39% 39% 42% 41%
2020 2021 2022 2023

0.060 0.052 0.050 0.044
0.040 0.036 0.034 0.033
0.090 0.080 0.080 0.075
Figure 1.6 Fossil fuel-fired LCOE by fuel/technology and year for 20 countries, 2010-2023
2010 2011
Argentina 0.1543 0.1628
Australia 0.0981 0.0975
Brazil 0.1130 0.1545
Canada 0.0934 0.0704
China 0.0982 0.1167
France 0.1004 0.1263
Germany 0.1162 0.1347
India 0.1004 0.1514
Indonesia 0.1345 0.1665
Italy 0.1162 0.1347
Japan 0.1324 0.1637
Malaysia 0.1178 0.1478
Mexico 0.0745 0.0702
Philippines 0.1414 0.1753
Republic of South Korea 0.1283 0.1517
South Africa 0.1280 0.1628
Türkiye 0.0695 0.0694
United Kingdom 0.0349 0.1276
United States 0.0792 0.0732
Viet Nam 0.1103 0.1367
2010 2011
World 0.3604 0.3894
CCGT
(2023 USD/kWh)
2012 2013 2014 2015 2016 2017 2018 2019 2020
0.1619 0.1812 0.1529 0.1016 0.0863 0.1119 0.1038 0.1222 0.0773
0.1094 0.1216 0.0913 0.0908 0.1114 0.1196 0.1233 0.1139 0.0972
0.1780 0.1992 0.2015 0.1474 0.1104 0.1295 0.1283 0.1050 0.0789
0.0589 0.1221 0.0716 0.0665 0.0511 0.0524 0.0474 0.0540 0.0541
0.1349 0.1313 0.1288 0.1104 0.0917 0.0959 0.1084 0.1081 0.0907
0.1178 0.1243 0.1081 0.0906 0.0710 0.0796 0.1004 0.0815 0.0689
0.1401 0.1293 0.1225 0.0955 0.0689 0.0799 0.1026 0.0790 0.0689
0.1698 0.1705 0.1515 0.1005 0.0887 0.1018 0.1259 0.0872 0.0709
0.1808 0.1731 0.1713 0.1271 0.0966 0.1055 0.1203 0.1180 0.0996
0.1401 0.1293 0.1225 0.0955 0.0689 0.0799 0.1026 0.0790 0.0699
0.1767 0.1680 0.1673 0.1183 0.0910 0.0996 0.1141 0.1105 0.0938
0.1598 0.1516 0.1570 0.1249 0.0828 0.0801 0.0850 0.0888 0.0756
0.0579 0.0667 0.0724 0.0555 0.0541 0.0599 0.0595 0.0530 0.0483
0.1904 0.1823 0.1804 0.1337 0.1013 0.1108 0.1265 0.1240 0.1045
0.1696 0.1678 0.1783 0.1323 0.0941 0.1021 0.1232 0.1224 0.1023
0.1887 0.2046 0.2088 0.1466 0.1154 0.1153 0.1359 0.1004 0.0854
0.0690 0.0786 0.0789 0.0689 0.0490 0.0518 0.0576 0.0514 0.0463
0.1343 0.1423 0.1043 0.1019 0.0746 0.0822 0.1044 0.0928 0.0857
0.0628 0.0759 0.0783 0.0531 0.0546 0.0575 0.0552 0.0500 0.0497
0.1472 0.1400 0.1447 0.1165 0.0785 0.0773 0.0816 0.0754 0.0666
Oil-fired
(2023 USD/kWh)
2012 2013 2014 2015 2016 2017 2018 2019 2020
0.3878 0.3952 0.3862 0.3023 0.2922 0.3063 0.3335 0.3180 0.2844
(2023 USD/kWh)
2021 2022 2023 2010 2011 2012 2013 2014 2015
0.0974 0.1889 0.1544 0.1177 0.1258 0.1242 0.1182 0.1103 0.1066
0.1205 0.1698 0.0909 0.2163 0.2256 0.2135 0.2078 0.2009 0.1956
0.1389 0.2322 0.1394 0.1043 0.1093 0.1083 0.1046 0.0997 0.0974
0.0710 0.0817 0.0708 0.1110 0.1110 0.1110 0.1110 0.1110 0.1110
0.1061 0.1364 0.1133 0.0755 0.0829 0.0727 0.0662 0.0604 0.0540
0.1841 0.3097 0.1454 0.1236 0.1337 0.1098 0.0998 0.0987 0.0911
0.1668 0.3336 0.1482 0.1291 0.1408 0.1207 0.1057 0.1034 0.0962
0.1172 0.1658 0.1157 0.0720 0.0841 0.0782 0.0669 0.0585 0.0581
0.1153 0.1630 0.1296 0.0610 0.0691 0.0659 0.0592 0.0517 0.0553
0.1845 0.3503 0.1429 0.1156 0.1229 0.1253 0.1071 0.1038 0.1009
0.1083 0.1514 0.1230 0.0893 0.1003 0.0967 0.0876 0.0812 0.0717
0.0665 0.0932 0.0961 0.1039 0.1138 0.1022 0.0965 0.0906 0.0808
0.0731 0.0766 0.0484 0.0893 0.0979 0.0965 0.0876 0.0848 0.0798
0.1211 0.1717 0.1363 0.1101 0.1193 0.1086 0.1032 0.0869 0.0929
0.1190 0.1881 0.1285 0.0831 0.0898 0.0835 0.0786 0.0746 0.0752
0.1547 0.2465 0.1479 0.1025 0.1119 0.0999 0.0933 0.0890 0.0819
0.0531 0.1730 0.1256 0.0850 0.0857 0.0925 0.0948 0.0725 0.0711
0.1704 0.3605 0.1677 0.1269 0.1332 0.1171 0.0980 0.1014 0.1065
0.0692 0.0776 0.0506 0.0798 0.0895 0.1006 0.1048 0.1249 0.1206
0.0605 0.0792 0.1366 0.0762 0.0790 0.0783 0.0689 0.0631 0.0645
2021 2022 2023

0.3390 0.3894 0.3568
Coal
(2023 USD/kWh)
2016 2017 2018 2019 2020 2021 2022 2023 2010
0.1039 0.1119 0.1177 0.1157 0.1072 0.1147 0.1490 0.1362 0.4003
0.1981 0.2069 0.2137 0.2014 0.1941 0.2218 0.2910 0.1523 0.3435
0.0957 0.1007 0.1043 0.1030 0.0977 0.1024 0.1238 0.1158 0.3419
0.1110 0.1110 0.1110 0.1229 0.1278 0.1363 0.1428 0.1492 0.1958
0.0525 0.0626 0.0614 0.0579 0.0571 0.0765 0.1045 0.0779 0.2161
0.0889 0.0993 0.1149 0.1113 0.1069 0.1713 0.2396 0.1621 0.2488
0.0909 0.1073 0.1229 0.1259 0.1173 0.1694 0.2350 0.1855 0.2712
0.0603 0.0723 0.0751 0.0664 0.0596 0.0846 0.0920 0.0879 0.2657
0.0533 0.0640 0.0710 0.0521 0.0524 0.0935 0.1218 0.0913 0.2806
0.0897 0.0912 0.1143 0.1257 0.1132 0.1477 0.1849 0.2222 0.2712
0.0704 0.0807 0.0871 0.0809 0.0703 0.0882 0.1502 0.1371 0.2948
0.0907 0.0845 0.0967 0.0899 0.0823 0.1015 0.1437 0.1032 0.2886
0.0729 0.0780 0.0820 0.0791 0.0778 0.0923 0.1192 0.1057 0.2087
0.0873 0.0998 0.1099 0.0930 0.1333 0.0943 0.1624 0.1333 0.3186
0.0802 0.0898 0.0948 0.0908 0.0915 0.0924 0.1329 0.1153 0.2801
0.0849 0.0934 0.0980 0.0862 0.0893 0.1134 0.1660 0.1070 0.2991
0.0707 0.0861 0.0969 0.0989 0.0815 0.0943 0.1263 0.1005 0.2073
0.1605 0.1620 0.1851 0.1965 0.1840 0.2185 0.2556 0.2930 0.1652
0.1193 0.1183 0.1179 0.1171 0.1160 0.1158 0.1178 0.1184 0.2156
0.0667 0.0692 0.0773 0.0749 0.0591 0.0897 0.1418 0.0890 0.2707
OCGT
(2023 USD/kWh)
2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
0.3518 0.5228 0.5458 0.2930 0.2461 0.2296 0.2730 0.2919 0.2445 0.2308
0.3338 0.3506 0.3679 0.3250 0.3243 0.3535 0.3675 0.3703 0.3570 0.3334
0.3399 0.5504 0.5783 0.3565 0.3109 0.2636 0.2980 0.2669 0.2348 0.2252
0.1928 0.1765 0.1839 0.1945 0.1722 0.1655 0.1674 0.1602 0.1691 0.1766
0.2423 0.2680 0.2629 0.2593 0.2333 0.2069 0.2127 0.2305 0.2300 0.2054
0.2854 0.2734 0.2826 0.2597 0.2348 0.2072 0.2193 0.2488 0.2220 0.2041
0.2973 0.3049 0.2897 0.2801 0.2418 0.2042 0.2197 0.2518 0.2185 0.2041
0.3379 0.3621 0.3682 0.3351 0.2700 0.2511 0.2676 0.3018 0.2469 0.2239
0.3260 0.3462 0.3353 0.3327 0.2702 0.2270 0.2396 0.2606 0.2573 0.2312
0.2973 0.3049 0.2897 0.2801 0.2418 0.2042 0.2197 0.2518 0.2185 0.2055
0.3387 0.3568 0.3447 0.3437 0.2751 0.2368 0.2489 0.2692 0.2642 0.2408
0.3348 0.3532 0.3406 0.3489 0.2994 0.2326 0.2306 0.2381 0.2439 0.2236
0.2021 0.1832 0.1967 0.2055 0.1795 0.1773 0.1863 0.1857 0.1757 0.1684
0.3708 0.3940 0.3816 0.3785 0.3066 0.2569 0.2714 0.2955 0.2918 0.2618
0.3162 0.3436 0.3409 0.3584 0.2794 0.2274 0.2437 0.2722 0.2659 0.2401
0.3527 0.3926 0.4171 0.4237 0.3278 0.2798 0.2797 0.3113 0.2566 0.2336
0.2071 0.2065 0.2214 0.2219 0.2065 0.1759 0.1801 0.1890 0.1795 0.1716
0.2880 0.2754 0.2820 0.2334 0.2330 0.2144 0.2217 0.2505 0.2344 0.2152
0.2093 0.1920 0.2024 0.2395 0.1907 0.1696 0.1939 0.1665 0.1636 0.1554
0.3113 0.3274 0.3163 0.3236 0.2802 0.2216 0.2199 0.2264 0.2169 0.2033
2021 2022 2023
0.2580 0.3206 0.2718
0.3663 0.4361 0.2163
0.3167 0.3820 0.2505
0.1938 0.2089 0.1935
0.2273 0.2702 0.2375
0.3673 0.5452 0.3125
0.3428 0.5791 0.3164
0.2913 0.3582 0.2873
0.2533 0.3210 0.2737
0.3679 0.6026 0.3090
0.2611 0.3215 0.2817
0.2111 0.2496 0.2542
0.2066 0.2120 0.1686
0.2872 0.3651 0.3106
0.2658 0.3770 0.2852
0.3403 0.4817 0.3298
0.1822 0.3667 0.2937
0.3398 0.6103 0.3373
0.1845 0.1861 0.1398
0.1940 0.2228 0.3038
Figure 1.7 Fossil gas and coal price marker or import cost by country, 2004 to 2022
Note: 'c.' represents data subject to permission of the rights holder
Fossil gas prices (2023 USD/MWh)

2004 2005
Brazil (Import prices)
Canada (Alberta) 25.6 35.1
China (Import price)
Dutch TTF price
France (PEG price)
India (Import price)
Indonesia (LNG)
Japan (CIF price)
Malaysia (domestic price)
Republic of Korea
U.S. (avg. cost for power)
United Kingdom (NBP price)
Coal prices (2023 USD/MWh)

2004 2005
ARA prices
Australia (Newcastle FOB)
China composite price
Colombia export price
German hard coal import 12.45 14.70
HBA (Indonesia)
India import price
Japan (Australian CIF import cost)
Malaysia import pirce
South Africa (Richards Bay export)
U.S. (avg. cost to power)
Viet Nam import price
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
39.1 55.9 68.3 76.0 78.0 48.1 33.1
28.9 28.8 35.0 15.9 17.0 15.9 10.1 12.7 16.6 8.5 6.2
30.7 40.2 49.4 47.6 46.3 36.9 27.4
38.1 48.1 53.4 49.0 45.0 31.1 18.3
30.1 43.8 42.0 46.5 37.7 28.6 19.4
35.7 61.6 70.3 72.5 60.6 37.2 30.4
50.4 66.7 74.0 70.1 69.2 46.7 31.2
51.5 68.0 74.5 70.0 69.4 43.8 29.2
45.2 59.6 65.4 61.4 64.0 48.6 27.7
50.6 61.9 70.4 69.6 75.0 48.5 31.1
35.4 19.4 20.3 18.4 13.2 16.3 18.7 11.9 10.3
39.6 44.8 42.8 46.2 28.2 27.9 22.0
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
13.91 18.04 23.37 17.48 15.11 13.67 10.20 10.57
19.43 23.39 18.23 15.79 12.85 10.60 11.69
15.96 23.16 26.33 21.99 19.21 16.74 14.05 13.41632
15.14 18.56 17.88 15.33 11.99 10.43 9.26
14.88 16.16 25.88 20.82 20.37 26.37 22.13 17.62 15.65 12.38 11.42
17.50 21.37 16.84 14.56 12.26 10.19 11.35
17.50 21.37 16.84 14.56 12.26 10.19 11.35
21.10 25.73 23.82 20.04 17.05 13.16 12.21
18.93 23.12 18.21 15.75 13.27 11.50 9.61
18.62 22.41 17.53 14.86 13.12 10.27 11.47
9.72 10.34 10.50 10.84 10.63 10.27 10.17 9.47 8.92
19.84 23.67 19.09 16.77 14.44 12.34 13.19
2017 2018 2019 2020 2021 2022 2023
33.1 42.9 25.9 17.3 50.2 94.2 46.9
6.8 4.2 4.4 5.9 9.9 13.7 6.6
29.5 35.9 35.8 26.9 34.8 48.3 36.8
23.8 32.0 17.7 12.5 52.4 134.3 44.8
23.6 30.9 18.9 12.5 61.2 122.2 43.4
36.3 48.6 28.9 20.7 44.9 68.9 43.4
35.7 43.2 42.1 32.7 40.6 65.0 48.0
33.7 41.3 39.5 30.7 38.3 61.0 46.1
27.1 29.4 31.2 24.9 21.0 33.0 34.4
35.6 44.0 41.4 31.5 42.9 77.1 48.4
12.0 12.3 9.9 8.0 17.1 21.1 11.8
24.5 31.5 23.4 16.5 51.4 145.6 52.3
2017 2018 2019 2020 2021 2022 2023 Source used by IRENA (when confidentia
14.74 15.71 10.31 8.35 19.10 43.08 18.27
15.41 18.30 13.08 9.98 21.74 51.17 24.38 BNEF
17.71 17.18 15.70 15.33 23.60 32.39 21.43 BNEF
12.66 15.15 14.28 10.66 13.87 28.43 22.98
18.13 19.11 16.50 12.78 18.27 41.12 28.19
14.22 16.00 12.08 8.99 18.64 39.70 27.33 BNEF
14.22 16.00 12.08 8.99 18.64 22.40 20.69
16.59 19.24 16.66 12.22 19.72 45.85 40.37
12.30 15.85 12.88 9.72 17.90 35.84 18.61
14.90 16.79 12.01 10.87 19.91 41.00 17.41 BNEF
8.52 8.33 8.02 7.52 7.44 8.32 8.56
17.30 18.28 13.46 10.69 20.54 41.47 19.04
ed by IRENA (when confidential):
Figure 1.8 Annual new utility-scale renewable power generation capacity competitiveness, 2010-2023
2010 2011 2012 2013 2014 2015

Bioenergy 4.1 10.0 11.4 7.7 4.5 4.0
CSP 0.0 0.0 0.0 0.0 0.0 0.0
Geothermal 0.4 0.0 0.0 0.3 0.5 0.6
Competitive Hydropower 28.4 29.0 53.1 29.0 31.1 40.6
Offshore wind 0.2 0.0 0.2 0.3 0.0 0.0
Onshore wind 2.3 12.0 16.4 14.8 20.7 20.5
Solar photovoltaic 0.3 0.0 0.5 1.3 0.6 0.7
Total 35.8 51.1 81.6 53.4 57.5 66.4
2010 2011 2012 2013 2014 2015

Bioenergy 1.4 0.3 2.1 2.7 1.8 0.9
CSP 0.3 0.5 0.9 1.0 1.0 0.3
Geothermal 0.0 0.0 0.2 0.0 0.0 0.2
Needs support Hydropower 2.1 1.0 4.9 1.2 2.8 2.5
Offshore wind 1.3 1.1 1.4 2.5 1.1 4.1
Onshore wind 29.8 32.3 71.1 25.0 32.4 44.9
Solar photovoltaic 4.6 8.4 29.6 57.1 22.9 32.5
Total 39.3 43.5 110.2 89.3 62.0 85.5

GW
2016 2017 2018 2019 2020 2021 2022 2023
2.3 1.8 3.4 5.8 1.0 8.4 6.8 3.9
0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.2
0.2 0.6 0.7 0.6 0.2 0.2 0.2 0.2
22.5 17.4 29.7 15.1 15.7 24.0 21.0 6.3
0.0 0.2 1.8 2.6 2.0 14.1 8.6 9.9
16.1 41.7 48.2 52.8 104.1 71.6 67.6 105.2
1.8 6.9 42.2 53.4 50.1 89.8 110.9 247.8
42.9 68.5 126.0 130.3 173.2 208.0 215.1 373.5
2016 2017 2018 2019 2020 2021 2022 2023

2.1 0.3 0.1 0.4 3.7 0.7 0.1 0.1
0.3 0.1 0.9 0.5 0.1 0.1 0.1 0.1
0.6 0.7 0.3 0.2 0.1 0.2 0.1 0.0
7.2 2.5 1.6 0.5 5.9 1.6 1.1 0.3
2.2 3.8 5.1 4.1 6.1 8.2 0.1 1.2
39.4 17.5 6.6 4.5 3.4 0.3 0.0 0.3
50.1 64.4 15.7 16.4 24.3 5.8 1.7 6.0
101.8 89.3 30.2 26.7 43.7 16.9 3.0 8.0

Figure 1.9 Renewable generation and net savings in non-OECD countries from new competitive renewable generation capac
TWh from annual new capacity added

2010 2011 2012
Bioenergy 8.57 28.56 59.09
Geothermal 2.08 0.00 0.00
Hydropower 109.15 111.92 220.22
Offshore wind 0.00 0.00 0.00
Onshore wind 2.61 12.00 21.41
Solar PV 0.00 0.00 0.00
Net savings (2023 USD billion)
2010.00 2011.00 2012.00

Bioenergy 0.12 0.54 1.27
Geothermal 0.07 0.00 0.00
Hydropower 3.66 4.47 7.63
Offshore wind 0.00 0.00 0.00
Onshore wind 0.02 0.10 0.50
Solar PV 0.00 0.00 0.00
enewable generation capacity added by year, 2010-2023
2013 2014 2015 2016 2017 2018 2019 2020 2021 2022
25.18 11.88 18.24 9.99 2.33 19.20 20.60 1.22 43.55 35.07
0.31 2.23 2.39 1.12 3.84 4.31 2.19 0.71 0.61 1.40
127.09 133.31 179.86 101.00 68.12 114.80 58.22 64.54 83.32 78.63
0.00 0.00 0.00 0.00 0.03 0.00 0.44 0.03 34.27 17.48
22.81 28.94 19.62 17.31 74.96 75.44 92.63 227.83 144.52 132.11
0.09 0.14 1.01 1.47 10.16 49.20 58.01 49.65 77.90 109.45
2013.00 2014.00 2015.00 2016.00 2017.00 2018.00 2019.00 2020.00 2021.00 2022.00
1.12 0.77 0.42 0.16 0.03 0.28 0.04 0.01 0.82 1.90
0.01 0.08 0.09 0.00 0.11 0.06 0.08 0.02 0.02 0.10
6.33 5.45 7.29 2.88 2.14 5.71 2.21 1.38 3.02 4.62
0.00 0.00 0.00 0.00 0.00 0.00 0.01 0.00 0.19 0.58
0.81 1.77 0.96 0.47 1.27 1.77 2.11 4.40 8.73 10.41
0.00 0.01 0.01 0.02 0.08 0.57 0.83 0.73 3.73 6.85
2023 Total
15.39 298.87
1.24 22.43
31.94 1482.11
23.21 75.45
257.98 1130.17
82.07 439.16
0.95 0.95
Grand total 3449.13
2023.00 Total
0.32 7.79
0.04 0.67
1.25 58.04
0.37 1.15
14.06 47.38
4.08 16.89
0.02 0.02
Grand total 131.95
Figure 1.10 and Fig. 1.12 Competitiveness trends for utility-scale solar PV and onshore wind by country and year, 2010-2023
Note: The competitiveness metric is the RE LCOE minus the fossil fuel LCOE. Underlying data provided fo
Argentina Australia Brazil

Onshore wind 2010 0.156 0.141 0.120
Onshore wind 2011 0.126 0.121 0.097
Onshore wind 2012 0.120 0.118 0.092
Onshore wind 2013 0.121 0.095 0.086
Onshore wind 2014 0.106 0.092 0.071
Onshore wind 2015 0.101 0.078 0.060
Onshore wind 2016 0.104 0.075 0.058
Onshore wind 2017 0.107 0.060 0.049
Onshore wind 2018 0.074 0.048 0.048
Onshore wind 2019 0.067 0.045 0.037
Onshore wind 2020 0.075 0.051 0.035
Onshore wind 2021 0.072 0.034 0.025
Onshore wind 2022 0.053 0.033 0.024
Onshore wind 2023 0.088 0.042 0.025
Solar PV 2010 0.468
Solar PV 2011 0.476
Solar PV 2012 0.288
Solar PV 2013 0.165 0.429
Solar PV 2014 0.136 0.170
Solar PV 2015 0.117 0.186
Solar PV 2016 0.089 0.142
Solar PV 2017 0.098 0.095
Solar PV 2018 0.110 0.080 0.117
Solar PV 2019 0.105 0.077 0.109
Solar PV 2020 0.144 0.058 0.088
Solar PV 2021 0.102 0.045 0.055
Solar PV 2022 0.103 0.041 0.054
Solar PV 2023 0.119 0.038 0.059
W. Avg. Fossil Fuel 2010 0.151 0.088 0.106
W. Avg. Fossil Fuel 2011 0.161 0.088 0.106
W. Avg. Fossil Fuel 2012 0.161 0.109 0.105
W. Avg. Fossil Fuel 2013 0.177 0.109 0.127
W. Avg. Fossil Fuel 2014 0.156 0.082 0.185
W. Avg. Fossil Fuel 2015 0.092 0.082 0.129
W. Avg. Fossil Fuel 2016 0.084 0.100 0.096
W. Avg. Fossil Fuel 2017 0.086 0.106 0.102
W. Avg. Fossil Fuel 2018 0.130 0.111 0.111
W. Avg. Fossil Fuel 2019 0.109 0.103 0.098
W. Avg. Fossil Fuel 2020 0.084 0.088 0.073
W. Avg. Fossil Fuel 2021 0.167 0.109 0.146
W. Avg. Fossil Fuel 2022 0.150 0.153 0.198
W. Avg. Fossil Fuel 2023 0.218 0.181 0.072
ind by country and year, 2010-2023
l LCOE. Underlying data provided for transparency. Blank entries, represents either a) an absence of deployment, or b) insufficient cost da
Canada China France Germany India Indonesia Italy

0.121 0.090 0.146 0.153 0.099 0.147
0.107 0.085 0.128 0.146 0.090 0.170
0.118 0.083 0.114 0.130 0.105 0.153
0.109 0.078 0.103 0.122 0.101 0.111
0.095 0.073 0.094 0.108 0.099 0.105
0.087 0.068 0.088 0.097 0.084 0.102
0.087 0.063 0.081 0.088 0.073 0.078
0.070 0.050 0.089 0.085 0.058 0.133 0.095
0.058 0.052 0.069 0.071 0.046 0.070 0.061
0.062 0.040 0.056 0.058 0.046 0.108 0.056
0.039 0.032 0.050 0.050 0.041 0.083 0.056
0.032 0.030 0.048 0.055 0.032 0.044
0.033 0.028 0.051 0.056 0.038 0.043
0.036 0.026 0.048 0.053 0.046 0.050
0.476 0.340 0.437 0.415 0.389 0.463
0.392 0.297 0.444 0.350 0.247 0.436
0.389 0.218 0.451 0.282 0.210 0.221
0.395 0.171 0.267 0.222 0.210 0.195
0.224 0.127 0.178 0.164 0.136 0.154
0.196 0.095 0.124 0.130 0.089 0.162
0.187 0.082 0.098 0.114 0.084 0.190
0.199 0.072 0.087 0.103 0.077 0.140 0.078
0.177 0.055 0.074 0.099 0.056 0.095 0.069
0.115 0.051 0.067 0.081 0.044 0.085 0.063
0.095 0.043 0.060 0.070 0.042 0.097 0.060
0.081 0.037 0.053 0.064 0.038 0.086 0.054
0.069 0.038 0.063 0.081 0.038 0.063 0.063
0.101 0.041 0.057 0.063 0.048 0.061 0.061
0.105 0.070 0.110 0.121 0.069 0.078 0.138
0.079 0.077 0.137 0.139 0.081 0.085 0.174
0.067 0.070 0.127 0.126 0.077 0.077 0.180
0.139 0.069 0.133 0.118 0.070 0.078 0.166
0.090 0.072 0.117 0.110 0.065 0.069 0.157
0.076 0.057 0.099 0.099 0.058 0.068 0.122
0.059 0.050 0.079 0.075 0.059 0.062 0.088
0.060 0.064 0.088 0.085 0.070 0.071 0.102
0.065 0.068 0.110 0.107 0.073 0.086 0.132
0.065 0.064 0.091 0.085 0.064 0.062 0.102
0.062 0.060 0.079 0.109 0.059 0.062 0.088
0.117 0.085 0.199 0.170 0.083 0.100 0.230
0.124 0.109 0.267 0.264 0.087 0.114 0.335
0.163 0.086 0.123 0.140 0.091 0.097 0.146
oyment, or b) insufficient cost data to make a robust LCOE estimate
United
Japan Mexico Philippines Republic of KoreaSouth Africa Türkiye Kingdom
0.184 0.107 0.138 0.139 0.111
0.159 0.092 0.130 0.103 0.114
0.201 0.072 0.139 0.126 0.091 0.102
0.179 0.084 0.168 0.143 0.092 0.101
0.167 0.082 0.142 0.123 0.100 0.095
0.137 0.075 0.140 0.132 0.099 0.087 0.087
0.192 0.075 0.141 0.087 0.090 0.078 0.075
0.135 0.062 0.110 0.083 0.072 0.070 0.071
0.152 0.044 0.067 0.078 0.050
0.130 0.061 0.072 0.069 0.062 0.075 0.061
0.115 0.049 0.055 0.054 0.049
0.150 0.045 0.067 0.052 0.048 0.045
0.153 0.047 0.083 0.040 0.056 0.036
0.125 0.058 0.067 0.050 0.077 0.031
0.482 0.590
0.491 0.521 0.543
0.345 0.314 0.272 0.225 0.318
0.286 0.203 0.360 0.247 0.275 0.257
0.253 0.144 0.290 0.190 0.288 0.210
0.181 0.089 0.237 0.174 0.152 0.163
0.181 0.168 0.169 0.167 0.120 0.138 0.154
0.143 0.152 0.161 0.112 0.121 0.131 0.126
0.132 0.089 0.092 0.096 0.104 0.128
0.121 0.080 0.099 0.085 0.074 0.094 0.095
0.113 0.059 0.095 0.064 0.071 0.073 0.080
0.093 0.053 0.071 0.060 0.059 0.069 0.074
0.098 0.068 0.060 0.075 0.064 0.072 0.077
0.110 0.070 0.065 0.074 0.075 0.090 0.079
0.143 0.079 0.107 0.113 0.101 0.074 0.093
0.197 0.070 0.115 0.151 0.107 0.078 0.121
0.213 0.058 0.106 0.183 0.157 0.069 0.128
0.156 0.066 0.101 0.187 0.091 0.078 0.136
0.202 0.072 0.085 0.175 0.087 0.074 0.100
0.138 0.056 0.092 0.148 0.081 0.069 0.098
0.105 0.054 0.088 0.084 0.083 0.062 0.070
0.113 0.060 0.098 0.103 0.091 0.073 0.079
0.122 0.060 0.108 0.136 0.095 0.065 0.101
0.104 0.053 0.092 0.137 0.084 0.073 0.082
0.092 0.049 0.135 0.118 0.088 0.047 0.081
0.128 0.073 0.090 0.097 0.109 0.053 0.177
0.182 0.076 0.153 0.215 0.155 0.118 0.230
0.145 0.147 0.107 0.133 0.068 0.115 0.069
United States Viet Nam Malaysia
0.111
0.118 0.111
0.100 0.113
0.082 0.114
0.068
0.061 0.094
0.056 0.077
0.049 0.073
0.045
0.041 0.082
0.036 0.061
0.032 0.051
0.029 0.049
0.038 0.051
0.269
0.290
0.248 0.381
0.223 0.281
0.170 0.246
0.157
0.140 0.194
0.103 0.280 0.118
0.080 0.134
0.067 0.080 0.176
0.066 0.072 0.089
0.060 0.050 0.069
0.059 0.078 0.057
0.063 0.063 0.070
0.085 0.099 0.116
0.085 0.095 0.145
0.082 0.086 0.156
0.088 0.076 0.149
0.089 0.070 0.154
0.060 0.080 0.080
0.061 0.077 0.086
0.065 0.075 0.083
0.063 0.086 0.084
0.056 0.089 0.088
0.055 0.070 0.081
0.079 0.101 0.066
0.089 0.147 0.092
0.083 0.148 0.089
Figure 1.11 Annual change in competitiveness of new utility-scale solar PV capacity added by country and year, 2010-2023
Change in competitiveness metric (2023 USD/kWh)

2011 2012
Australia 0.007 -0.209
Canada -0.058 0.009
China -0.050 -0.072
France -0.019 0.016
Germany -0.082 -0.055
India -0.154 -0.033
Italy -0.063 -0.221
Japan 0.294 -0.161
Republic of Korea 0.000 -0.281
United States 0.021 -0.038
Argentina 0.000 0.000
Brazil 0.000 0.000
Malaysia 0.000 0.224
Mexico 0.000 0.257
Philippines 0.000 0.000
Indonesia 0.000 0.000
South Africa 0.000 0.068
Türkiye 0.000 0.000
United Kingdom -0.074 -0.233
Viet Nam 0.000 0.000
ntry and year, 2010-2023
2013 2014 2015 2016 2017 2018 2019 2020

-0.123 -0.002 -0.019 -0.046 0.002 -0.022 0.005 -0.004
-0.066 -0.122 -0.014 0.008 0.011 -0.027 -0.062 -0.016
-0.046 -0.046 -0.017 -0.006 -0.024 -0.021 0.000 -0.004
-0.190 -0.073 -0.035 -0.006 -0.019 -0.036 0.013 0.005
-0.052 -0.051 -0.023 0.008 -0.020 -0.027 0.005 -0.036
0.007 -0.069 -0.040 -0.006 -0.019 -0.024 -0.003 0.003
-0.012 -0.032 0.003 0.000 -0.023 -0.040 0.025 0.010
-0.002 -0.079 -0.009 0.034 -0.047 -0.019 0.007 0.004
-0.029 -0.045 0.012 0.057 -0.074 -0.052 -0.009 -0.002
-0.032 -0.054 0.016 -0.017 -0.041 -0.021 -0.006 0.000
0.000 0.000 0.000 0.000 0.000 -0.021 0.017 0.065
0.302 -0.317 0.071 -0.011 -0.053 0.012 0.006 0.004
-0.092 -0.040 -0.092 0.000 0.035 0.015 0.038 -0.080
-0.120 -0.064 -0.039 0.080 -0.021 -0.063 -0.003 -0.016
0.259 -0.054 -0.060 -0.063 -0.018 -0.064 0.008 -0.047
0.000 0.000 0.095 0.033 -0.059 -0.060 0.014 0.012
0.116 0.017 -0.130 -0.035 -0.006 -0.029 -0.012 -0.007
0.000 0.000 0.000 0.076 -0.018 -0.018 -0.019 0.005
-0.069 -0.012 -0.045 0.019 -0.037 -0.019 -0.015 -0.013
0.000 0.000 0.000 0.116 0.088 -0.204 -0.008 0.010
2021 2022 2023
-0.033 -0.048 -0.031
-0.069 -0.019 -0.007
-0.031 -0.023 0.025
-0.128 -0.058 0.138
-0.067 -0.076 0.106
-0.029 -0.003 0.006
-0.148 -0.097 0.188
-0.056 -0.049 0.049
0.016 -0.103 0.080
-0.030 -0.011 0.010
-0.126 0.018 -0.052
-0.105 -0.054 0.132
-0.006 -0.038 0.016
-0.030 0.011 -0.069
0.020 -0.074 0.051
-0.049 -0.036 0.015
-0.034 -0.040 0.098
-0.010 -0.062 0.021
-0.103 -0.049 0.162
-0.053 -0.019 -0.015
Figure 1.13 Annual change in competitiveness of new onshore wind capacity added by country and year, 2010-20223
Change in competitiveness metric (2023 USD/kWh)

2011 2012 2013 2014
Australia -0.020 -0.024 -0.023 0.024
Canada 0.012 0.023 -0.081 0.035
China -0.013 0.005 -0.004 -0.007
France -0.044 -0.005 -0.017 0.007
Germany -0.024 -0.003 -0.001 -0.005
India -0.020 0.018 0.004 0.003
Italy -0.013 -0.023 -0.028 0.003
Japan -0.079 0.025 0.036 -0.058
Republic of Korea -0.047 -0.023 0.044 0.000
United States 0.006 -0.014 -0.024 -0.016
Argentina -0.040 -0.006 -0.014 0.005
Brazil -0.023 -0.003 -0.029 -0.072
Malaysia 0.000 0.000 0.000 0.000
Mexico -0.006 -0.009 0.003 -0.008
Philippines 0.000 0.000 0.067 -0.010
Indonesia 0.000 0.000 0.000 0.000
South Africa 0.000 -0.031 0.083 -0.017
Türkiye -0.040 -0.003 -0.009 0.013
United Kingdom -0.024 -0.020 -0.008 0.030
Viet Nam 0.016 0.011 0.011 -0.039
and year, 2010-20223
2015 2016 2017 2018 2019 2020 2021 2022

-0.014 -0.022 -0.021 -0.017 0.006 0.021 -0.038 -0.045
0.006 0.017 -0.018 -0.017 0.003 -0.019 -0.062 -0.005
0.010 0.001 -0.027 -0.001 -0.008 -0.005 -0.027 -0.026
0.012 0.013 -0.001 -0.042 0.006 0.006 -0.122 -0.065
0.000 0.015 -0.013 -0.036 0.010 -0.033 -0.057 -0.093
-0.008 -0.012 -0.026 -0.015 0.009 0.001 -0.034 0.003
0.032 0.011 0.003 -0.063 0.025 0.014 -0.155 -0.106
0.034 0.087 -0.065 0.008 -0.004 -0.002 -0.001 -0.051
-0.016 0.019 -0.024 -0.048 0.001 0.067 -0.030 -0.102
0.023 -0.006 -0.011 -0.002 0.002 -0.003 -0.029 -0.013
0.059 0.011 0.000 -0.077 0.014 0.033 -0.086 -0.002
0.044 0.031 -0.016 -0.010 0.002 0.023 -0.082 -0.054
0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000
0.009 0.001 -0.018 -0.018 0.023 -0.007 -0.028 -0.001
-0.009 0.005 -0.041 -0.010 -0.022 0.020 0.000 0.000
0.000 0.000 0.062 -0.078 0.062 -0.024 -0.021 0.000
-0.018 -0.011 -0.025 0.019 -0.023 -0.010 -0.025 -0.058
-0.008 -0.002 -0.019 0.016 -0.012 0.006 -0.013 -0.057
-0.006 0.016 -0.013 -0.043 0.029 -0.010 -0.100 -0.062
0.014 -0.014 -0.002 0.002 -0.007 -0.002 -0.041 -0.049
2023
-0.019
-0.036
0.021
0.141
0.122
0.004
0.197
0.008
0.066
0.016
-0.033
0.126
0.000
0.029
-0.049
0.000
0.096
0.024
0.157
0.000
Figure 1.14 The global weighted average total installed cost learning curve trends for solar PV, CSP, and onshore and offshor
Year
Concentrated solar power 2010
Offshore wind 2010
Offshore wind 2011
Offshore wind 2012
Offshore wind 2013
Offshore wind 2014
Offshore wind 2015
Offshore wind 2016
Offshore wind 2017
Offshore wind 2018
Offshore wind 2019
Offshore wind 2020
Offshore wind 2021
Offshore wind 2022
Offshore wind 2023
Onshore wind 2010
Onshore wind 2011
Onshore wind 2012
Onshore wind 2013
Onshore wind 2014
Onshore wind 2015
Onshore wind 2016
Onshore wind 2017
Onshore wind 2018
Onshore wind 2019
Onshore wind 2020
Onshore wind 2021
Onshore wind 2022
Onshore wind 2023
g curve trends for solar PV, CSP, and onshore and offshore wind, 2010-2023
Cumulative Deployment (MW) 2023 USD/kW

1266 10 453
1704 12 316
2567 8 900
3942 7 467
4600 6 409
4851 8 562
4971 9 000
5072 8 519
5812 6 110
6378 7 655
6416 5 265
6377 10 085
6576 4 431
6876 6 589
3055 5 409
3787 6 195
5345 5 482
7182 5 794
8503 6 101
11735 6 119
14358 4 818
18837 5 442
23590 5 323
28292 4 265
34369 3 611
54265 3 165
61967 3 478
72663 2 800
178020 2 272
216419 2 247
261926 2 114
292732 2 183
340915 2 104
404600 1 911
452599 1 915
496208 1 917
540250 1 819
594481 1 725
699350 1 552
770336 1 471
839263 1 322
944536 1 160
40311 5310
72261 4553
101662 3466
137470 3042
176159 2749
224207 2090
296215 1901
391245 1644
486828 1405
589114 1161
721989 1019
867482 950
1066559 908
1412093 758
Figure 1.15 The global weighted average LCOE learning curve trends for solar PV, CSP, and onshore and offshore wind, 2010
Year Cumulative Deployment (MW)

Concentrated solar power 2010 1266
Offshore wind 2010 3055
Onshore wind 2010 178020
Solar photovoltaic 2010 40311
and offshore wind, 2010-2023
2023 USD/kWh
0.393
0.381
0.358
0.292
0.256
0.246
0.291
0.278
0.164
0.242
0.122
0.124
0.122
0.117
0.203
0.212
0.179
0.153
0.186
0.152
0.126
0.115
0.108
0.093
0.090
0.080
0.080
0.075
0.111
0.106
0.096
0.097
0.086
0.074
0.069
0.065
0.055
0.048
0.040
0.036
0.034
0.033
0.460
0.343
0.256
0.197
0.177
0.132
0.116
0.091
0.077
0.067
0.060
0.052
0.050
0.044
Figure 1.16 Global annual fuel savings in the electricity sector from renewable power generation deployment in 2010 and 20
2010
USD 14 billion
Fuel only cost saving (2023 USD billion)

Africa 1
Asia 8
Central America and the Car 0
Eurasia 0
Europe 4
Middle East 0
North America 0
Oceania 1
South America
Fuel only cost saving(USD billion) for RE MWH

Biomass 3
Geothermal 0
Hydro 7
Offshore wind 0
Onshore wind 4
on deployment in 2010 and 2023
2023
USD 44 billion
Fuel only cost saving (2023 USD billion)

Africa 1
Asia 29
Central America and the Carribean 0
Eurasia 1
Europe 7
Middle East 1
North America 1
Oceania 0
South America 4
Fuel only cost saving(USD billion) for RE MWH

Biomass 2
Geothermal 0
Hydro 2
Offshore wind 3
Onshore wind 19
Figure 1.17 Changes in annual new solar PV capacity additions per capita compared to LCOE trends by country, 2010-2023
Deployment per capita (MW/100

W AV_LCOE_all
000/year) technologies
Italy 2010 3.9 0.463
Italy 2011 16.1 0.436
Italy 2012 6.1 0.221
Italy 2013 2.3 0.195
Italy 2014 0.7 0.160
Italy 2017 0.7 0.078
Italy 2018 0.7 0.069
Italy 2019 1.3 0.063
Italy 2020 1.3 0.060
Italy 2021 1.6 0.054
Italy 2022 4.2 0.063
Italy 2023 8.9 0.061
Australia 2010 3.4 0.468
Australia 2011 6.2 0.476
Australia 2012 5.8 0.288
Australia 2013 3.3 0.165
Australia 2014 3.1 0.136
Australia 2015 2.8 0.117
Australia 2016 3.1 0.089
Australia 2017 2.7 0.098
Australia 2018 5.1 0.080
Australia 2019 17.1 0.077
Australia 2020 19.6 0.058
Australia 2021 19.0 0.045
Australia 2022 15.1 0.041
Australia 2023 14.0 0.038
United Kingdom 2010 0.1 0.590
China 2010 0.0 0.340
China 2011 0.2 0.297
China 2012 0.3 0.218
China 2013 0.8 0.171
China 2014 0.8 0.127
China 2015 1.1 0.095
China 2016 2.5 0.082
China 2017 3.8 0.072
China 2018 3.2 0.055
China 2019 2.1 0.051
China 2020 3.5 0.043
China 2021 3.8 0.037
China 2022 6.1 0.038
China 2023 15.4 0.036
Germany 2010 9.1 0.415
Germany 2011 9.9 0.350
Germany 2012 10.1 0.282
Germany 2013 3.3 0.222
Germany 2014 1.5 0.164
Germany 2015 1.6 0.130
Germany 2016 1.8 0.114
Germany 2017 2.0 0.103
Germany 2018 3.5 0.099
Germany 2019 4.5 0.081
Germany 2020 5.7 0.070
Germany 2021 6.9 0.064
Germany 2022 8.6 0.081
Germany 2023 16.9 0.063
Japan 2011 1.0 0.484
Japan 2012 1.3 0.345
Japan 2013 5.5 0.286
Japan 2014 7.7 0.253
Japan 2015 8.5 0.181
Japan 2016 6.2 0.181
Japan 2017 5.9 0.143
Japan 2018 5.3 0.132
Japan 2019 5.6 0.121
Japan 2020 5.2 0.113
Japan 2021 3.5 0.093
Japan 2022 3.7 0.098
Japan 2023 3.2 0.110
United States 2010 0.4 0.243
India 2010 0.0 0.389
India 2011 0.0 0.247
India 2012 0.0 0.210
India 2013 0.0 0.210
India 2014 0.2 0.136
India 2015 0.1 0.089
India 2016 0.3 0.084
India 2017 0.6 0.077
India 2018 0.7 0.056
India 2019 0.6 0.044
India 2020 0.3 0.042
India 2021 0.7 0.038
India 2022 0.9 0.038
India 2023 0.7 0.048
Greece 2010 1.4 0.427
Greece 2011 3.7 0.290
Greece 2012 8.4 0.174
Greece 2013 9.5 0.154
Greece 2014 0.0 0.147
Greece 2015 0.4 0.118
Greece 2016 4.2 0.056
Greece 2017 9.3 0.051
Greece 2018 12.3 0.073
Greece 2019 15.4 0.052
Netherlands 2016 3.6 0.129
Brazil 2010 0.0 0.000
Brazil 2011 0.0 0.593
Brazil 2012 0.0 0.429
Brazil 2013 0.0 0.170
Brazil 2014 0.0 0.186
Brazil 2015 0.0 0.142
Brazil 2016 0.5 0.095
Brazil 2017 0.6 0.117
Brazil 2018 1.0 0.109
Brazil 2019 1.7 0.088
Brazil 2020 2.8 0.055
Brazil 2021 4.6 0.054
Brazil 2022 5.5 0.059
y country, 2010-2023
Contents
Figure 2.1 Global weighted average and range total installed costs, capacity factors and LCOE for onshore wind, 2010-2023
Onshore wind
2010-2023
Total installed cost (2023

USD/kW)
2010 2011 2012 2013 2014 2015
5th percentile 1415 1429 1452 1397 1352 1382
Weighted average 2272 2247 2114 2183 2104 1911
95th percentile 3195 3249 3411 3517 3500 3403
Capacity factor (%)

2010 2011 2012 2013 2014 2015
5th percentile 20.2% 20.0% 19.9% 20.3% 19.9% 20.8%
Weighted average 27.3% 27.5% 27.5% 28.1% 29.3% 29.1%
95th percentile 36.3% 37.6% 44.2% 47.9% 51.1% 49.2%
LCOE (2023 USD/kWh)

2010 2011 2012 2013 2014 2015
5th percentile 0.073 0.074 0.071 0.067 0.061 0.049
Weighted average 0.111 0.106 0.096 0.097 0.086 0.074
95th percentile 0.152 0.159 0.131 0.141 0.136 0.141
E for onshore wind, 2010-2023
2016 2017 2018 2019 2020 2021 2022 2023

1364 1348 1349 1287 1208 991 831 777
1915 1917 1819 1725 1552 1471 1322 1160
3012 3067 2778 2799 2611 2374 2080 2115
2016 2017 2018 2019 2020 2021 2022 2023

21.6% 23.3% 25.4% 25.0% 26.5% 28.5% 27.8% 28.6%
30.6% 32.6% 34.6% 35.7% 35.5% 39.2% 36.8% 35.9%
52.3% 52.2% 53.7% 51.5% 52.0% 56.2% 52.2% 57.0%
2016 2017 2018 2019 2020 2021 2022 2023

0.044 0.039 0.034 0.032 0.026 0.021 0.019 0.019
0.069 0.065 0.055 0.048 0.040 0.036 0.034 0.033
0.118 0.118 0.094 0.101 0.085 0.069 0.058 0.072
Figure 2.2 Weighted-average rotor diameter and name plate capacity evolution, 2010-2023
Wind turbine characteristics
Nameplate Rotor
Capacity Diameter
Year (MW) (m)
2010 1.8 83
Brazil
2023 5.0 156
2010 2.2 90
Canada
2023 4.9 152
2010 1.5 75
China
2023 5.6 184
2010 2.1 88
France
2023 3.2 122
2010 2.1 85
Germany
2023 5.0 146
2010 1.3 77
India
2023 2.5 131
2010 1.8 71
Ireland
2023 4.4 139
2010 1.9 80
Japan
2023 4.2 118
2010 2.1 90
Sweden
2023 5.8 160
2010 2.4 91
Türkiye
2023 5.6 160
2010 2.2 87
United Kingdom
2023 4.5 128
2010 1.8 84
United States
2023 3.5 135
Figure 2.3 Wind turbine price indices and price trends, 1997-20223
2023 USD/kW
Date United States United States2 United States3 Chinese turbine

prices
<5 MW 5-100 MW >100 MW
February-97 2177.2
December-97 1695.9
January-98 1660.6
May-98 1401.8 2901.6
May-98 1401.8 2901.6
August-98 1312.4 2901.6
August-98 1312.4 2901.6
November-98 1628.3 2901.6
November-98 1628.3 2901.6
July-00 803.6 1867.8
December-00 1117.0 1867.8
March-01 1296.1 1633.2
April-01 828.8 1633.2
February-02 1082.3 1441.4
April-02 821.1 1441.4
May-02 982.1 1441.4
June-02 1101.3 1441.4
August-02 983.3 1441.4
December-02 1114.6 1441.4
May-03 1340.0 1474.2
June-03 1293.6 1474.2
July-03 1379.6 1474.2
December-04 1326.1 1486.7
August-04 1388.1 1486.7
March-05 1517.1 1377.7
May-05 1761.4 1377.7
November-05 1732.0 1377.7
January-06 1772.2 1282.7
May-06 1753.5 1282.7
June-06 1600.4 1282.7
July-06 1652.8 1282.7
July-06 1652.8 1282.7
September-06 1530.1 1282.7
September-06 1530.1 1282.7
March-07 1733.2 1317.2
March-07 1733.2 1317.2
March-07 1733.2 1317.2
April-07 1583.0 1317.2
May-07 1376.8 1317.2
June-07 1889.1 1317.2
June-07 1889.1 1317.2
June-07 1889.1 1317.2
June-07 1889.1 1317.2
July-07 2080.8 1317.2
August-07 2676.7 1317.2
September-07 1864.1 1317.2
September-07 1864.1 1317.2
October-07 1974.3 1317.2
October-07 1974.3 1317.2
November-07 2069.4 1317.2
December-07 1832.6 1317.2
January-08 2316.5 1266.5
January-08 2316.5 1266.5
February-08 1966.1 1266.5
March-08 1867.6 1266.5
April-08 2467.9 1266.5
April-08 2467.9 1266.5
June-08 2280.3 1266.5
August-08 2130.2 1266.5
October-08 2031.8 1266.5
November-08 2063.5 1266.5
November-08 2063.5 1266.5
December-08 2336.7 1266.5
February-09 1657.5 1205.8
March-09 1924.0 1205.8
April-09 1481.6 1205.8
May-09 1798.7 1205.8
June-09 1976.7 1205.8
July-09 2180.5 1205.8
July-09 2180.5 1205.8
August-09 1845.2 1205.8
September-09 2262.3 1205.8
October-09 2143.8 1205.8
December-09 2204.1 1205.8
January-10 2685.9 883.9
January-10 2685.9 883.9
March-10 2059.4 883.9
June-10 1624.3 883.9
July-10 2047.1 883.9
July-10 2047.1 883.9
July-10 2047.1 883.9
August-10 1826.8 883.9
October-10 1679.0 883.9
October-10 1679.0 883.9
February-11 1652.7 797.7
February-11 1652.7 797.7
March-11 1576.4 797.7
May-11 1507.5 797.7
May-11 2233.3 797.7
June-11 1604.8 797.7
August-11 2219.9 797.7
September-11 2218.8 797.7
September-11 2218.8 797.7
October-11 1782.1 797.7
October-11 1782.1 797.7
November-11 1786.6 797.7
December-11 1366.3 797.7
January-12 1985.6 765.5
January-12 1985.6 765.5
February-12 1496.3 765.5
February-12 1496.3 765.5
October-12 1517.5 765.5
January-13 1520.2 796.6
January-13 1680.8 796.6
May-13 1613.6 796.6
May-13 1613.6 796.6
July-13 1474.2 796.6
November-13 1712.1 796.6
December-13 1183.5 796.6
December-13 1183.5 796.6
December-13 1183.5 796.6
December-13 1183.5 796.6
January-14 1183.8 674.6
March-14 1110.1 674.6
April-14 1272.8 674.6
May-14 1564.4 674.6
June-14 1214.4 674.6
July-14 1417.6 674.6
December-14 1474.6 674.6
January-15 1503.9 607.5
September-15 1621.1 607.5
January-16 619.0
July-16 1093.2 619.0
December-16 619.0
June-17 627.7
December-17 627.7
June-18 630.8
December-18 612.9
March-19 583.8
June-19 583.8
September-19 583.8
December-19 583.8
March-20 626.2
June-20 638.6
September-20 560.5
December-20 529.2
March-21 519.3
June-21 451.1
September-21 446.9
December-21 429.8
March-22 320.5
June-22 306.8
September-22 323.5
December-22 305.4
March-23 255.4
June-23 246.2
September-23 233.3
December-23
March-24
SGRE global Nordex global
Vestas Average average average
Selling Price
1608.7
1608.7
1608.7
1614.3
1614.3
1614.3
1614.3
1614.3
1614.3
1614.3
1907.8
1907.8
1907.8
1907.8
1907.8
1907.8
1907.8
1907.8
1907.8
1907.8
1907.8
1907.8
1907.8
1907.8
1907.8
1907.8
1907.8
2180.7
2180.7
2180.7
2180.7
2180.7
2180.7
2180.7
2180.7
2180.7
2180.7
2180.7
2180.7
2006.3
2006.3
2006.3
2006.3
2006.3
2006.3
2006.3
2006.3
2006.3
2006.3
2006.3
1795.6
1795.6
1795.6
1795.6
1795.6
1795.6
1795.6
1795.6
1795.6
1795.6
1839.4
1839.4
1839.4
1839.4
1839.4
1839.4
1839.4
1839.4
1839.4
1839.4
1839.4
1839.4
1839.4
1717.3
1717.3
1717.3
1717.3
1717.3
1669.8
1669.8
1669.8
1669.8
1669.8
1669.8
1669.8
1669.8
1669.8
1669.8
1496.7
1496.7
1496.7
1496.7
1496.7
1496.7
1496.7
1278.3
1278.3
1243.4 1187.1 1257.2
1243.4 1187.1 1257.2
1243.4 1187.1 1257.2
1096.7 1082.7 1078.7
1096.7 1082.7 1078.7
881.2 1001.1 1042.4
881.2 1001.1 1042.4
1075.7 936.4 901.8
985.5 936.4 901.8
833.9 936.4 901.8
1026.4 936.4 901.8
948.3 868.9 893.9
1027.3 868.9 893.9
961.5 868.9 893.9
935.1 868.9 893.9
1049.5 827.6 905.1
1036.4 827.6 905.1
1062.7 827.6 905.1
1128.3 827.6 905.1
1031.4 1000.8 889.8
1059.7 1000.8 889.8
1106.2 1000.8 889.8
1217.1 1000.8 889.8
955.4
1056.5
1142.5
1075.6
1053.1
Figure 2.4 Total installed costs of onshore wind projects and global weighted-average, 1984-2023
Total installed costs (2023 USD/kW)
Onshore wind
Weighted
Year 5th percentile average 95th percentile
1984 4,492 5,698 5,568
1985 4,534 5,582 5,628
1986 4,354 4,920 5,019
1987 4,124 4,757 4,887
1988 3,644 3,653 3,667
1989 3,369 3,423 3,708
1990 3,779 3,860 4,114
1991 3,393 3,797 4,079
1992 3,358 3,736 4,926
1993 2,847 3,595 3,714
1994 1,681 3,461 3,644
1995 2,417 3,163 3,360
1996 2,487 3,009 3,274
1997 1,656 2,817 3,230
1998 1,922 2,824 7,722
1999 1,698 2,640 3,087
2000 1,149 2,565 2,909
2001 1,309 2,410 3,765
2002 1,245 2,390 2,817
2003 726 2,258 2,650
2004 1,289 2,287 3,048
2005 1,361 2,159 3,496
2006 1,468 2,205 3,166
2007 1,246 2,217 2,966
2008 1,367 2,340 3,233
2009 1,481 2,392 3,267
2010 1,415 2,272 3,195
2011 1,429 2,247 3,249
2012 1,452 2,114 3,411
2013 1,397 2,183 3,517
2014 1,352 2,104 3,500
2015 1,382 1,911 3,403
2016 1,364 1,915 3,012
2017 1,348 1,917 3,067
2018 1,349 1,819 2,778
2019 1,287 1,725 2,799
2020 1,208 1,552 2,611
2021 991 1,471 2,374
2022 831 1,322 2,080
2023 777 1,160 2,115
Figure 2.5 Onshore wind weighted-average total installed costs in 15 countries, 1984–2023
Weighted average total installed costs (2023 USD/kW)

Onshore wind
Country 1984 1985 1986 1987 1988 1989 1990 1991 1992
Brazil
Canada 3,779 3,223
China
Denmark 4,492 4,473 4,317 4,081 3,669 3,531 3,816 3,777 3,561
France 3,966
Germany 4,492 4,007 3,966 3,739
India 4,171 4,171 3,792
Italy 3,708 3,966 3,739
Japan
Mexico
Spain 4,007 3,966 3,739
Sweden 4,492 4,007 3,966 3,739
Turkey
United Kingdom 3,708 4,007 3,966 4,063
United States 5,758 5,688 5,056 4,930 3,643 3,340 3,779 3,641
1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005
3,858 3,213 3,817 3,666
1,264 1,673 2,409 2,402 2,275 1,976 2,321 2,024 2,052 1,964
3,160 3,160 3,034 2,781 2,655 2,528 2,465 2,007 2,098 1,951
3,463 2,991 2,893 2,815 2,777 2,620 2,482 2,365 2,030 1,972 1,785 1,971
3,636 3,038 2,956 2,915 2,751 2,084 2,483 2,132 2,065 2,275 2,141
3,636 3,368 2,844 2,724 2,699 2,813 2,675 2,646 2,611 2,640 2,613 2,623 2,594
3,792 3,792 3,539 3,413 3,287 3,160 3,034 2,588 2,246 2,077 2,386 1,911 1,862
3,636 3,368 3,141 3,038 2,956 2,915 2,751 2,606 2,483 2,389 2,515 2,340 2,376
2,721 2,497
3,636 3,368 3,141 3,038 2,956 2,915 2,751 2,606 2,463 2,132 2,070 2,197 2,170
3,636 3,368 3,141 3,038 2,956 2,915 2,751 2,483 2,465 2,070 2,495 2,465
2,006 2,041
3,486 3,368 3,141 3,038 2,956 2,915 2,751 2,252 2,334 2,108 2,515 3,124 2,525
2,528 2,402 2,146 2,126 2,102 1,813 2,210 1,912
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
2,883 2,953 5,011 3,204 3,034 3,004 3,004 2,942 2,594 2,242 2,343 2,018 2,058
2,317 2,571 2,569 2,575 3,133 2,890 3,148 3,038 2,889 2,936 2,661 2,414 2,159
1,874 1,764 1,816 1,848 1,724 1,677 1,623 1,554 1,582 1,536 1,531 1,450 1,503
2,251 2,903 2,763 2,972 2,395 2,607 2,211 2,211 2,037 2,213
2,276 2,076 3,124 2,758 2,881 2,583 2,344 2,209 2,087 2,082 2,060 2,347 2,266
2,544 2,537 2,738 2,686 2,642 2,642 2,400 2,371 2,339 2,295 2,252 2,251 2,214
2,023 1,889 1,733 1,464 1,594 1,412 1,687 1,734 1,663 1,482 1,363 1,348 1,349
2,373 2,519 2,709 3,209 2,972 3,645 3,411 2,353 2,306 2,469 2,080 2,977 2,045
3,193 2,714 4,033 3,593 3,396 2,702 3,194 2,874 3,037
1,913 1,593 2,465 3,263 2,979 2,584 2,910 2,946 2,527 2,350 1,757
2,236 2,519 2,467 2,761 2,849 2,772 2,432 2,421 2,039 1,928 1,899 2,085 2,721
2,465 2,491 2,718 2,856 2,709 2,492 2,710 2,336 2,496 2,232 2,053 1,860 1,485
1,731 2,811 2,603 2,060 2,272 2,194 2,260 2,278 2,056 2,181
2,503 2,484 2,794 1,788 2,585 2,744 2,684 2,697 2,635 2,595 2,433 2,458 2,147
1,967 2,297 2,652 2,778 2,780 2,756 2,523 2,334 2,215 2,118 2,165 1,960 1,911
2019 2020 2021 2022 2023 Country % decrease/increase
1,812 1,665 1,276 1,091 1,079 Brazil ▼72%
2,827 1,620 1,518 1,778 1,420 Canada ▼62%
1,422 1,453 1,284 1,143 986 China ▼69%
2,210 2,210 Denmark ▼51%
2,053 1,781 1,973 1,988 1,746 France ▼56%
2,050 2,040 1,899 1,965 1,750 Germany ▼61%
1,226 1,194 1,027 1,163 1,208 India ▼71%
1,943 1,990 1,528 1,503 1,369 Italy ▼63%
2,632 3,665 3,474 3,650 2,384 Japan ▼12%
2,057 1,763 1,632 1,577 Mexico ▼18%
1,805 1,416 1,300 1,202 1,158 Spain ▼71%
1,558 1,561 1,465 1,282 1,535 Sweden ▼66%
1,957 1,548 1,421 1,717 1,434 Turkey ▼29%
2,206 2,000 2,152 1,537 1,273 United Kingdom ▼66%
1,807 1,597 1,533 1,264 1,501 United States ▼74%
Figure 2.6 Onshore wind weighted average total installed costs in smaller markets by country, 2010-2023
Weighted average total installed costs (2023 USD/kW)

Onshore wind
Country 2010 2011 2012 2013 2014 2015

Argentina 2,730 2,895 2,573 2,477
Australia 4,046 4,275 3,645 2,706 2,952 2,754
Austria 2,395 2,977 2,487 2,417
Chile 3,189 2,397 2,409 2,463 2,576
Costa Rica 2,574 3,912 3,000 3,086
Croatia 2,372 1,973 2,891 2,058
Cyprus 2,190 2,318 2,476 2,674
Dominican Republic 1,641 2,875 2,522 2,581
Egypt 1,792 2,248
Ethiopia 3,077 2,883 2,769
Finland 2,093 2,358 2,734
Greece 2,934 1,882 2,640 2,373 2,358
Indonesia
Ireland 4,139 2,520 2,520 2,520 2,552 2,255
Morocco 2,410 2,826 2,334 2,452
Netherlands 2,109 2,573 2,000 2,407 3,056
New Zealand 2,247 3,395 2,890
Norway 2,579 2,451 1,999
Pakistan 3,166 3,093
Panama 2,201 2,013 2,432
Peru 2,067 3,406 2,923
Philippines 3,684 3,477 3,278
Poland 3,057 2,629 2,622 2,695 2,428 2,257
Portugal 2,395 2,811 2,886 2,343 2,284 2,321
Republic of Korea 2,821 2,616 2,815 2,799
Russian Federation 2,749
South Africa 2,869 2,774 2,518
Ukraine 1,392 2,898 2,987 2,395
Uruguay 3,999 3,841 2,726 2,808 2,425
Viet Nam 2,456 3,227 3,033 2,434
2016 2017 2018 2019 2020 2021 2022 2023
2,554 1,994 1,738 1,951 1,978 1,517 1,854
2,570 2,069 1,844 1,808 1,995 1,379 1,411 1,572
2,474 1,985 1,886 1,501 1,576
2,313 2,085 2,031 2,869 1,763 1,746 1,332 1,533
3,043 2,455
2,283 2,283 1,923 1,782 1,522
2,244
2,926 2,374 2,433 2,019 2,370
2,033 1,684 1,585 1,522 1,402
3,041 2,210 2,220
2,489 2,442 2,275 1,663 1,427 1,879 1,835 1,417
2,007 2,227 2,453 2,141 2,151 1,504 1,918 1,563
2,326 2,596 2,470
2,131 2,352 2,358 2,740 2,574 2,103 1,795
1,712 1,703 2,427 1,545 1,039 1,952 1,600
2,155 50,375 2,767 2,467 2,369 2,391 1,835 1,701
1,539 1,486 1,678
2,147 2,219 2,249 2,068 1,457 1,709
3,188 3,089 2,473 2,075 1,291
2,432
2,325 1,454 1,271
3,266 3,466 2,172 1,654
2,245 1,672 1,699 1,875 1,708 1,679
-962 2,043
2,718 2,661 2,625 2,568 2,670 2,625 2,050
2,330 1,791 1,868 1,629 1,483 1,716
2,163 2,326 2,182 1,989 2,068 1,647 1,732
2,316 2,427 1,695 1,370 1,603
2,701
2,459 2,578 2,658 2,676 1,707 1,786 1,690
Figure 2.7 Historical onshore wind weighted average capacity factors in 15 countries, 1984–2023
Capacity factor (%)

Onshore wind
Country 1984 1985 1986 1987 1988 1989 1990 1991

Brazil
Canada 22%
China
Denmark 21% 22% 22% 22% 19% 20% 22% 23%
France 23%
Germany 21% 22% 23%
India 22% 19%
Italy 20% 23%
Japan
Mexico
Spain 28% 28%
Sweden 21% 22% 23%
Turkey
United Kingdom 20% 22% 23%
United States 19% 20% 20% 20% 20% 20% 20% 20%
1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005
35% 35% 36% 37%
20% 31% 27% 19% 19% 22% 27% 32% 28% 29% 36%
19% 19% 20% 19% 20% 23% 20% 25% 24% 23%
22% 21% 23% 23% 22% 21% 21% 18% 18% 22% 27% 28% 26%
20% 19% 20% 20% 20% 21% 23% 20% 26% 24% 23%
20% 20% 25% 18% 19% 19% 21% 19% 19% 18% 23% 25% 25% 24%
19% 19% 19% 19% 19% 20% 19% 19% 18% 22% 20% 21% 24% 22%
20% 20% 20% 20% 19% 20% 20% 20% 20% 23% 20% 23% 25% 22%
22% 21%
28% 28% 28% 28% 28% 28% 28% 29% 27% 26% 25% 25% 24% 25%
20% 20% 20% 20% 19% 20% 20% 20% 23% 20% 23% 24% 23%
30% 34%
22% 21% 20% 20% 19% 20% 20% 20% 25% 23% 21% 23% 26% 23%
26% 26% 28% 29% 31% 31% 33% 33%
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
42% 41% 76% 37% 36% 43% 44% 47% 46% 46% 47% 48% 47% 51%
33% 32% 31% 31% 32% 33% 30% 31% 32% 35% 31% 34% 36% 39%
24% 26% 25% 25% 25% 25% 24% 24% 24% 24% 25% 29% 27% 31%
23% 29% 27% 28% 29% 30% 34% 35% 37% 39% 39%
24% 24% 24% 26% 26% 26% 26% 27% 26% 27% 28% 26% 31% 33%
23% 25% 22% 23% 24% 24% 24% 24% 25% 26% 27% 27% 31% 31%
21% 25% 22% 24% 25% 23% 23% 23% 23% 23% 24% 28% 35% 32%
23% 24% 24% 25% 25% 25% 25% 25% 25% 26% 29% 30% 33% 33%
24% 24% 25% 25% 25% 25% 20% 25% 25% 25%
42% 42% 44% 40% 62% 45% 43% 41% 38% 37% 43% 35%
25% 24% 24% 27% 27% 27% 27% 27% 27% 30% 31% 33% 28% 39%
23% 26% 24% 27% 29% 28% 30% 31% 30% 30% 33% 34% 37% 38%
35% 26% 33% 30% 32% 31% 33% 37% 37% 35% 34%
23% 24% 24% 31% 30% 30% 32% 30% 30% 31% 33% 33% 41% 33%
30% 34% 34% 31% 33% 31% 31% 35% 40% 39% 41% 42% 44% 44%
2020 2021 2022 2023 Country % increase
49% 52% 50% 54% Brazil ▲56%
38% 45% 47% 39% Canada ▲78%
33% 36% 35% 35% China ▲82%
39% Denmark ▲89%
32% 34% 32% 33% France ▲47%
34% 28% 28% 29% Germany ▲40%
33% 35% 33% 32% India ▲48%
33% 33% 33% 30% Italy ▲47%
35% 24% 25% 25% Japan ▲14%
36% 37% 33% Mexico ▼20%
38% 43% 32% 33% Spain ▲20%
38% 37% 35% 37% Sweden ▲79%
37% 39% 38% 33% Turkey ▲9%
37% 41% 38% 42% United Kingdom ▲88%
43% 45% 44% 40% United States ▲110%
Figure 2.8 Onshore wind weighted average capacity factors for new projects in smaller markets by country and year, 2010-2
Capacity factor (%)

Onshore wind
Country 2010 2011 2012 2013 2014 2015

Argentina 0.413 0.701 0.441 0.442
Australia 0.341 0.402 0.345 0.324 0.337 0.358
Austria 0.240 0.180 0.240 0.250
Chile 0.279 0.302 0.303 0.277 0.319
Costa Rica 0.321 0.325 0.480 0.491
Croatia 0.210 0.211 0.210 0.277
Cyprus 0.237 0.233 0.190 0.166
Dominican Republic 0.325 0.319 0.334 0.221
Egypt 0.378 0.457
Ethiopia 0.380 0.370 0.357
Finland 0.364 0.290 0.328
Greece 0.250 0.260 0.270 0.260 0.260
Indonesia
Ireland 0.343 0.330 0.330 0.330 0.288 0.400
Morocco 0.447 0.399 0.425 0.450
Netherlands 0.280 0.250 0.280 0.256 0.316
New Zealand 0.338 0.449 0.436
Norway 0.270 0.320 0.386
Pakistan 0.314 0.310
Panama 0.311 0.310 0.320
Peru 0.459 0.457 0.527
Philippines 0.286 0.295 0.277
Poland 0.221 0.223 0.230 0.203 0.241 0.268
Portugal 0.270 0.230 0.270 0.230 0.280 0.280
Republic of Korea 0.261 0.265 0.246 0.243
Russian Federation 0.333
South Africa 0.271 0.298 0.324
Ukraine 0.270 0.270
Uruguay 0.420 0.445 0.448 0.409 0.428
Viet Nam 0.320 0.383 0.348 0.320
y country and year, 2010-2023
2016 2017 2018 2019 2020 2021 2022 2023

0.427 0.493 0.483 0.477 0.496 0.530 0.530
0.344 0.475 0.379 0.376 0.347 0.389 0.384 0.356
0.275 0.253 0.270 0.219 0.328
0.328 0.306 0.395 0.385 0.434 0.426 0.266 0.357
0.471 0.544
0.380 0.380 0.380 0.362 0.333
0.226
0.419 0.524 0.390 0.430 0.430
0.454 0.457 0.457 0.457 0.465
0.365 0.363 0.444
0.360 0.378 0.394 0.510 0.381 0.378 0.340 0.309
0.267 0.288 0.291 0.315 0.289 0.262 0.360 0.391
0.381 0.262 0.322
0.429 0.383 0.406 0.388 0.269 0.400 0.468
0.389 0.420 0.450 0.390 0.254 0.393 0.486
0.287 2.064 0.499 0.392 0.485 0.412 0.331 0.371
0.403 0.390 0.396
0.346 0.403 0.381 0.357 0.388 0.432
0.359 0.320 0.359 0.380 0.354
0.238
0.520 0.518 0.503
0.270 0.350 0.330 0.350
0.284 0.284 0.382 0.359 0.301 0.342
-0.110 0.388
0.336 0.336 0.400 0.368 0.370 0.297 0.330
0.450 0.361 0.363 0.369 0.408 0.320
0.334 0.405 0.409 0.408 0.440 0.465 0.470
0.309 0.404 0.421 0.398 0.396
0.483
0.375 0.401 0.338 0.427 0.340 0.361 0.384
Figure 2.9 Change in the weighted average capacity factor and wind speed for new projects by country between
2010 and 2020
Percentage change capacity factor

between 2010-2020
Brazil 36%
Canada 18%
France 22%
Germany 42%
Japan 44%
Netherlands 73%
Sweden 32%
Türkiye 45%
United Kingdom 22%
d speed for new projects by country between
Percentage change in wind speed

between 2010-2020
-1%
-7%
-15%
-18%
-11%
7%
-14%
-20%
-21%
Figure 2.10 Full-service (initial and renewal) O&M pricing indexes and weighted average O&M costs in Brazil, Den
O&M costs (2023 USD/kW/year)
Full-Service Initial Full-

Renewal Service
Contracts Contracts Denmark Germany
2008 74.3 58.2 111.1
2009 72.4 55.2 105.4
2010 65.2 52.3 99.7
2011 52.4 68.8 50.7 96.8
2012 44.9 46.7 49.2 93.9
2013 40.3 65.6 46.3 88.3
2014 61.4 36.5 37.3 82.7
2015 41.9 26.6 53.6 77.1
2016 37.6 32.4 42.1 71.5
2017 30.8 25.4 35.5 76.1
2018 22.0 35.4 80.8
2019 24.6 19.0 48.5 59.1
2020 26.1 20.7 32.5 64.4
2021 32.6 16.7 32.7 52.0
2022 16.4 32.1 51.0
2023 17.1 33.3 53.1
ge O&M costs in Brazil, Denmark, Germany, Ireland, Japan, Norway, Sweden and the United States, 2008-2023
United States of
Ireland Sweden America Norway Japan Brazil
59.0 109.7 58.2 79.1 105.0 39.2
79.3 129.2 56.8 77.6 103.9 38.2
106.1 79.4 55.4 76.2 102.7 37.3
93.3 82.7 54.2 74.7 101.6 36.3
65.2 79.5 53.1 69.0 100.4 35.3
68.8 69.1 51.9 71.7 99.3 34.4
103.1 71.8 50.8 63.9 98.2 33.4
49.8 50.4 49.6 53.3 97.0 32.4
44.0 52.6 48.5 51.6 95.9 31.5
34.5 41.2 47.3 49.9 94.7 30.5
29.9 35.7 46.2 52.3 122.8 29.5
25.8 30.8 45.2 49.9 112.0 28.6
28.1 33.6 41.0 54.4 121.9 27.6
22.7 27.1 39.9 43.9 98.5 28.7
22.3 26.6 39.2 43.1 96.7 22.7
23.2 27.7 40.8 44.8 100.6 19.7
tates, 2008-2023
Figure 2.11 LCOE of onshore wind projects and global weighted average, 1984–2023
LCOE (2023 USD/kWh)

Weighted
Year average
1984 0.350
1985 0.325
1986 0.289
1987 0.280
1988 0.231
1989 0.214
1990 0.227
1991 0.218
1992 0.218
1993 0.230
1994 0.216
1995 0.226
1996 0.202
1997 0.177
1998 0.166
1999 0.163
2000 0.175
2001 0.153
2002 0.142
2003 0.124
2004 0.126
2005 0.118
2006 0.122
2007 0.111
2008 0.117
2009 0.114
2010 0.111
2011 0.106
2012 0.096
2013 0.097
2014 0.086
2015 0.074
2016 0.069
2017 0.065
2018 0.055
2019 0.048
2020 0.040
2021 0.036
2022 0.034
2023 0.033
Figure 2.12 The weighted average LCOE of commissioned onshore wind projects in 15 countries, 1984–2023
LCOE (2023 USD/kWh)

Onshore wind
Country 1984 1985 1986 1987 1988 1989 1990 1991

Brazil
Canada 0.212
China
Denmark 0.259 0.243 0.235 0.224 0.235 0.214 0.215 0.203
France 0.221
Germany 0.275 0.239 0.226
India 0.261 0.298
Italy 0.223 0.212
Japan
Mexico
Spain 0.167 0.166
Sweden 0.274 0.238 0.226
Turkey
United Kingdom 0.222 0.224 0.212
United States 0.354 0.333 0.301 0.294 0.228 0.213 0.235 0.228
1984–2023
1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004
0.154 0.131 0.148
0.201 0.065 0.100 0.168 0.168 0.139 0.105 0.099 0.100 0.098
0.198 0.198 0.182 0.178 0.163 0.136 0.153 0.107 0.113
0.200 0.200 0.166 0.162 0.166 0.170 0.167 0.181 0.175 0.128 0.103 0.091
0.235 0.215 0.200 0.198 0.189 0.150 0.153 0.158 0.122 0.138
0.246 0.240 0.181 0.222 0.204 0.203 0.189 0.201 0.198 0.207 0.165 0.150 0.151
0.273 0.273 0.273 0.257 0.248 0.228 0.232 0.223 0.201 0.162 0.151 0.164 0.120
0.229 0.224 0.210 0.199 0.204 0.189 0.187 0.179 0.171 0.143 0.160 0.145 0.125
0.181
0.157 0.154 0.144 0.135 0.132 0.129 0.124 0.115 0.120 0.116 0.109 0.106 0.117
0.245 0.240 0.226 0.214 0.220 0.205 0.203 0.194 0.157 0.180 0.139 0.151
0.093 0.085
0.227 0.208 0.210 0.198 0.203 0.189 0.187 0.178 0.122 0.139 0.144 0.145 0.152
0.130 0.125 0.109 0.103 0.097 0.086 0.095
2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
0.139 0.100 0.106 0.086 0.123 0.120 0.097 0.095 0.083 0.072 0.060 0.058 0.049
0.087 0.095 0.106 0.109 0.108 0.121 0.107 0.118 0.109 0.097 0.087 0.093 0.075
0.111 0.105 0.092 0.097 0.099 0.090 0.085 0.083 0.078 0.073 0.068 0.063 0.050
0.107 0.133 0.129 0.130 0.127 0.098 0.096 0.068 0.060 0.049
0.136 0.137 0.129 0.173 0.143 0.146 0.128 0.114 0.103 0.094 0.088 0.081 0.089
0.156 0.160 0.147 0.177 0.164 0.153 0.146 0.130 0.122 0.108 0.097 0.088 0.085
0.126 0.141 0.114 0.121 0.093 0.099 0.090 0.109 0.101 0.100 0.084 0.073 0.058
0.142 0.139 0.139 0.148 0.159 0.147 0.170 0.153 0.111 0.105 0.102 0.078 0.095
0.179 0.184 0.159 0.201 0.179 0.167 0.137 0.192 0.135
0.068 0.060 0.085 0.107 0.026 0.072 0.082 0.082 0.074 0.076
0.110 0.113 0.132 0.130 0.125 0.128 0.120 0.103 0.099 0.082 0.067 0.062 0.061
0.156 0.156 0.142 0.161 0.154 0.124 0.118 0.114 0.091 0.098 0.080 0.068 0.061
0.073 0.139 0.103 0.091 0.092 0.100 0.087 0.078 0.070
0.144 0.144 0.137 0.151 0.083 0.111 0.114 0.102 0.101 0.095 0.087 0.075 0.071
0.084 0.095 0.094 0.107 0.120 0.111 0.118 0.100 0.082 0.068 0.061 0.056 0.049
2018 2019 2020 2021 2022 2023 Country % decrease
0.049 0.037 0.035 0.025 0.024 0.025 Brazil ▼84%
0.059 0.062 0.039 0.032 0.033 0.036 Canada ▼83%
0.052 0.040 0.037 0.030 0.028 0.026 China ▼87%
0.047 0.048 0.043 Denmark ▼83%
0.069 0.056 0.050 0.048 0.051 0.048 France ▼78%
0.071 0.058 0.050 0.055 0.056 0.053 Germany ▼81%
0.046 0.046 0.041 0.032 0.038 0.046 India ▼82%
0.061 0.056 0.056 0.044 0.043 0.050 Italy ▼77%
0.152 0.130 0.115 0.150 0.153 0.125 Japan ▼31%
0.044 0.061 0.049 0.045 0.047 Mexico ▼31%
0.084 0.041 0.033 0.027 0.033 0.036 Spain ▼79%
0.045 0.043 0.041 0.039 0.038 0.044 Sweden ▼84%
0.078 0.075 0.054 0.048 0.056 0.077 Turkey ▼17%
0.050 0.061 0.049 0.045 0.036 0.031 United Kingdom ▼86%
0.046 0.041 0.036 0.032 0.029 0.038 United States ▼89%
Figure 2.13 Onshore wind weighted average LCOE in smaller markets by country and year, 2010-2023
LCOE (2023 USD/kWh)

Onshore wind
Country 1994 1995 1996 1997 1998 1999 2000

Argentina 0.0933 0.0476
Australia 0.2710 0.1078
Austria 0.1621 0.1910 0.1603 0.1372 0.0985
Chile
Costa Rica 0.0816
Croatia
Cyprus
Dominican Republic
Egypt
Ethiopia
Finland
Greece
Indonesia
Ireland
Morocco 0.1262
Netherlands 0.1073
New Zealand
Norway
Pakistan
Panama
Peru
Philippines
Poland
Portugal
Republic of Korea
Russian Federation
South Africa
Ukraine
Uruguay
Viet Nam
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010
0.1830 0.1031
0.0774 0.1044 0.1046 0.2099 0.0984 0.0938 0.0825 0.1097 0.0826 0.1407
0.2126
0.0643 0.1000
0.2162 0.1705
0.1423
0.1059 0.0751
0.0511 0.0755
0.1485
0.0957 0.1017 0.1548

0.1081 0.0652 0.0835
0.0782 0.1129 0.1231 0.0754 0.1276 0.1511 0.1015 0.1024
0.5464 0.1182 0.3866 0.0679

0.1448
0.1049 0.1531
0.1113 0.1034 0.1325 0.1081 0.0620 0.1739
0.0975 0.1099 0.1142 0.1078 0.1221 0.1097 0.1468 0.1170
0.1332 0.1104 0.1428 0.1144 0.1305 0.1087 0.1382
0.1156
0.0968
2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
0.1203 0.0408 0.1059 0.1013 0.1067 0.0736 0.0671 0.0747
0.1207 0.1175 0.0949 0.0922 0.0779 0.0746 0.0373 0.0476 0.0454 0.0510
0.1207 0.1838 0.1136 0.1009 0.0894 0.0780 0.0670
0.1418 0.0996 0.0980 0.1034 0.0897 0.0779 0.0735 0.0546 0.0979 0.0421
0.1021 0.1407 0.0720 0.0701 0.0799 0.0499
0.1645 0.1355 0.1728 0.0937 0.0921 0.0685 0.0517
0.1446 0.1794 0.2098 0.1150
0.0798 0.1213 0.0833 0.1571 0.0887 0.0566 0.0755 0.0567 0.0630
0.0693 0.0617 0.0498
0.1138 0.1067 0.0954 0.0975 0.0662
0.0683 0.0887 0.0830 0.0690 0.0596 0.0524 0.0295 0.0341
0.0985 0.1184 0.1057 0.1008 0.0836 0.0811 0.0840 0.0699 0.0711
0.0702 0.1078 0.0834
0.1028 0.0915 0.0897 0.1126 0.0591 0.0508 0.0585 0.0523 0.0612 0.0771
0.0788 0.0977 0.0759 0.0720 0.0591 0.0512 0.0619 0.0454
0.1226 0.0869 0.1039 0.0961 0.0810 0.8405 0.0488 0.0539 0.0401
0.0859 0.0794 0.0680 0.0360
0.1178 0.0943 0.0599 0.0680 0.0588 0.0621 0.0616 0.0407
0.1424 0.1367 0.1195 0.1291 0.0936
0.0951 0.0847 0.0911 0.1168
0.0622 0.0934 0.0667 0.0533 0.0337
0.1683 0.1504 0.1453 0.1407 0.1101 0.0720
0.1496 0.1368 0.1591 0.1144 0.0924 0.0837 0.0636 0.0423
0.1504 0.1256 0.1208 0.0930 0.0896 0.1235 0.0517
0.1302 0.1387 0.1323 0.0869 0.0829 0.0671 0.0694
0.1063 0.0605 0.0586 0.0592
0.1434 0.1283 0.0990 0.0899 0.0724 0.0618 0.0553
0.1581 0.1293 0.1068 0.0841 0.0572
0.1275 0.1101 0.0771 0.0819 0.0655 0.0566
0.1111 0.1130 0.1141 0.0937 0.0773 0.0728 0.0822 0.0608
2021 2022 2023
0.0725 0.0531 0.0881
0.0340 0.0335 0.0422
0.0604 0.0457
0.0424 0.0548 0.0492
0.0491 0.0539
0.0470 0.0454 0.0523

0.0502
0.0390 0.0426 0.0426
0.0577 0.0501 0.0464
0.0425 0.0352
0.0502 0.0529 0.0426
0.0453 0.0467 0.0416
0.0352 0.0410
0.0399
0.0730 0.0529
0.0319
0.0579
0.0467 0.0516 0.0493
0.0673 0.0833 0.0675

0.0505 0.0418 0.1057
0.0520 0.0403 0.0497
0.0515 0.0958
0.0512 0.0494 0.0507

Table 2.1 Total Installed cost ranges and weighted averages for onshore wind projects by country/region, 2010 and 2023

Onshore wind
2010
Weighted
5th percentile 95th percentile
average
(2023 USD/kW)
Africa 1 586 1 792 2 343

Central America and the Caribbean* 3 079 3 079 3 079
Eurasia 2 811 2 811 2 811
Europe 2 035 2 791 4 067
North America 2 177 2 844 3 693
Oceania 3 523 4 046 4 449
Other Asia 2 130 2 891 3 173
Other South America** 1 659 2 462 3 853
Brazil 3 034 3 034 3 034
China 1 454 1 724 2 018
India 1 032 1 594 1 856
Note: “Other Asia” is Asia excluding China and India; “Other South America” is South America excluding Brazil.
* Countries where data were only available for projects commissioned in 2021, not 2023.
** Countries where data were only available for projects commissioned in 2012, not 2010.
ountry/region, 2010 and 2023
2023
Weighted
average
(2023 USD/kW)
1 432 1 614 1 988

1 757 1 757 1 757
821 1 611 2 140
1 092 1 583 2 213
1 116 1 484 2 120
1 349 1 610 1 753
1 379 2 019 2 439
1 083 1 563 2 044
641 1 079 1 590
799 986 1 392
961 1 208 1 435
th America excluding Brazil.
21, not 2023.

012, not 2010.
Table 2.2 Country-specific average capacity factors for new onshore wind projects, 2010, 2022 and 2023
Capacity factor (%)

Onshore wind
Country 2010 2022 2023

%
Brazil 36 50 54
Canada 32 47 39
China 25 35 35
Denmark 27 39* 39*
France 26 32 33
Germany 24 28 29
India 25 33 32
Italy 25 33 30
Japan 24 25 25
Mexico 40 33 33**
Spain 27 32 33
Sweden 29 35 37
Türkiye 26 38 33
United Kingdom 30 38 42
United States 33 44 40
* Countries with data only available for projects commissioned in 2020. ** Countries with data only available for p
ith data only available for projects commissioned in 2022.
Table 2.3 Regional weighted average LCOE and ranges for onshore wind, 2010 and 2023
LCOE (2023 USD/kWh)

Onshore wind
2010
Weighted
average
(2023 USD/kW)
Africa 0.075 0.075 0.093
Central America and the Caribbean 0.099 0.099 0.099
Eurasia 0.139 0.139 0.139
Europe 0.093 0.141 0.210
North America 0.072 0.112 0.153
Oceania 0.125 0.141 0.153
Other Asia 0.116 0.160 0.173
Other South America 0.069 0.105 0.336
Brazil 0.120 0.120 0.120
China 0.073 0.090 0.112
India 0.062 0.099 0.123
2023
5th percentile Weighted average 95th percentile
(2023 USD/kW)
0.043 0.048 0.052

n.a. n.a. n.a.
0.043 0.091 0.114
0.030 0.046 0.072
0.030 0.038 0.055
0.033 0.041 0.049
0.042 0.083 0.126
0.031 0.056 0.111
0.018 0.025 0.037
0.019 0.027 0.039
0.036 0.046 0.051
Contents
Figure 3.1 Global weighted average and range total installed costs, capacity factors and LCOE for solar PV, 2010-2023
Total installed cost (2023

USD/kW)
2010 2011 2012 2013 2014 2015 2016
5th percentile 3884 2993 2389 1952 1634 1385 1184
Weighted average 5310 4553 3466 3042 2749 2090 1901
95th percentile 8619 8500 7382 6131 5919 4642 3735
Capacity factor (%)

2010 2011 2012 2013 2014 2015 2016
5th percentile 11.0% 10.1% 10.5% 11.9% 10.8% 10.8% 10.7%
Weighted average 13.8% 15.3% 15.1% 16.4% 16.6% 16.5% 16.7%
95th percentile 23.0% 26.0% 25.6% 23.0% 24.4% 29.0% 25.9%
LCOE (2023 USD/kWh)

2010 2011 2012 2013 2014 2015 2016
5th percentile 0.230 0.192 0.154 0.133 0.109 0.086 0.080
Weighted average 0.460 0.343 0.256 0.197 0.177 0.132 0.116
95th percentile 0.576 0.572 0.458 0.414 0.392 0.316 0.261
ar PV, 2010-2023
2017 2018 2019 2020 2021 2022 2023

962 926 827 659 641 585 526
1644 1405 1161 1019 950 908 758
3446 3321 2729 2697 2167 1946 1663
2017 2018 2019 2020 2021 2022 2023

11.5% 12.4% 10.7% 9.9% 10.8% 10.4% 10.0%
17.6% 17.9% 17.5% 16.1% 17.2% 16.9% 16.2%
27.0% 26.9% 23.9% 20.8% 21.3% 20.5% 21.7%
2017 2018 2019 2020 2021 2022 2023

0.058 0.053 0.050 0.041 0.032 0.031 0.031
0.091 0.077 0.067 0.060 0.052 0.050 0.044
0.231 0.220 0.181 0.176 0.130 0.122 0.110
Figure 3.2 Average monthly solar PV module prices, 2010 to 2023 (left) and monthly solar PV module prices, 2022 to Q1 202
Technology Dec-09
Crystalline Europe (Germany) 4.137355
Crystalline China 3.269519
Crystalline Japan 4.137355
Thin film a-Si 3.390613
Thin film CdS/CdTe
Thin film a-Si/u-Si or Global Price Index (from Q4 2013) 2.946604
Bifacial
High Efficiency
All black
Mainstream
Low Cost
e prices, 2022 to Q1 2024 (right) by technology and manufacturing country sold in Europe.
Jan-10 Feb-10 Mar-10 Apr-10 May-10 Jun-10 Jul-10 Aug-10 Sep-10 Oct-10 Nov-10
3.958236 3.698373 3.578154 3.560431 3.338591 3.2017 3.23944 3.279112 3.237841 3.43333 3.347218
3.022298 2.839155 2.780949 2.789616 2.701849 2.65141 2.82145 2.838371 2.864244 3.01602 2.935828
3.724251 3.399515 3.522535 3.560431 3.304173 3.16835 3.22203 3.208593 3.255632 3.37642 3.29112
3.139291 2.895191 2.910726 2.88138 2.736268 2.71811 2.80403 2.820741 2.775293 2.92117 2.730133
2.69082 2.540297 2.521393 2.477619 2.374874 2.20117 2.28154 2.203704 2.277163 2.39005 2.393541
Dec-10 Jan-11 Feb-11 Mar-11 Apr-11 May-11 Jun-11 Jul-11 Aug-11 Sep-11 Oct-11
3.229392 3.054245 3.048071 3.015074 3.108688 3.011524 2.98174 2.79381 2.66657 2.455774 2.36399
2.832483 2.625579 2.573521 2.565622 2.548738 2.39771 2.28921 2.14319 1.995131 1.809518 1.68595
3.175268 2.911356 2.93856 2.940166 2.973527 2.858071 2.69319 2.64072 2.551466 2.344987 2.23571
2.634029 2.232635 2.226735 2.172352 2.10464 1.994895 1.98142 1.97097 1.899212 1.698731 1.53934
1.928997 1.971208 1.891444 1.81501 1.803078 1.80828 1.72221 1.630636 1.421764 1.35609
2.309286 2.250496 2.244987 2.303442 2.297726 2.186712 2.09684 1.91357 1.880028 1.717195 1.63097
Nov-11 Dec-11 Jan-12 Feb-12 Mar-12 Apr-12 May-12 Jun-12 Jul-12 Aug-12 Sep-12
2.14451 1.975123 1.81142 1.801698 1.769417 1.714152 1.61843 1.53051 1.4707 1.430906 1.451436
1.544774 1.428437 1.337404 1.3469 1.283695 1.229341 1.163247 1.08617 1.03434 0.991878 0.978875
2.071814 1.939853 1.777562 1.784206 1.734723 1.696837 1.61843 1.54697 1.50303 1.479687 1.502067
1.417557 1.287357 1.151183 1.102009 1.058181 1.056195 1.028378 0.98743 0.96969 0.959358 0.995753
1.217645 1.128642 1.01575 0.997056 0.988792 0.969621 0.927226 0.87223 0.82424 0.813015 0.826981
1.544774 1.446072 1.286616 1.259439 1.231653 1.177397 1.095812 1.02034 0.95353 0.926837 0.945121
Oct-12 Nov-12 Dec-12 Jan-13 Feb-13 Mar-13 Apr-13 May-13 Jun-13 Jul-13 Aug-13
1.41534 1.381239 1.36486 1.360188 1.324393 1.306979 1.324393 1.306693 1.31048 1.29969 1.270953
0.97198 0.954931 0.932942 0.92423 0.899908 0.909922 0.933867 0.904634 0.95308 0.94523 0.978977
1.48355 1.449449 1.451244 1.447379 1.392311 1.340067 1.375331 1.356951 1.34452 1.31657 1.339653
0.98904 0.989036 0.984772 0.976545 0.916888 0.909922 0.933867 0.921386 0.9701 0.97898 0.996152
0.80146 0.784408 0.812005 0.732409 0.713135 0.694849 0.679176 0.670099 0.66375 0.59077 0.618301
0.93788 0.920826 0.915666 0.906792 0.865949 0.843746 0.84897 0.837624 0.81692 0.75956 0.790052
Sep-13 Oct-13 Nov-13 Dec-13 Jan-14 Feb-14 Mar-14 Apr-14 May-14 Jun-14 Jul-14
1.27462 1.28444 1.21882 1.220168 1.189606 1.211127 1.191735 1.154795 1.113286 1.10196 1.09764
0.999027 1.02051 0.992467 1.007965 0.982718 1.020807 0.998955 0.979826 0.974126 0.94699 0.94329
1.326294 1.33722 1.236231 1.237852 1.189606 1.193825 1.209261 1.189789 1.165472 1.13639 1.11479
0.999027
0.602861
0.775107 0.77426 0.774261 0.774261 0.753712 0.753712 0.753712 0.749912 0.749912 0.74991 0.74991
Aug-14 Sep-14 Oct-14 Nov-14 Dec-14 Jan-15 Feb-15 Mar-15 Apr-15 May-15 Jun-15
1.079557 1.013248 0.96319 0.947944 0.936988 0.848869 0.815207 0.791627 0.787363 0.814408 0.80541
0.910876 0.882507 0.86687 0.837351 0.841701 0.763982 0.746121 0.712465 0.721749 0.760114 0.76445
1.079557 1.045934 1.01135 0.979543 0.984632 0.863016 0.842841 0.831209 0.839854 0.882275 0.88731
0.749912 0.749912 0.74738 0.747378 0.747378 0.723193 0.723193 0.723193 0.706212 0.706212 0.70621
Jul-15 Aug-15 Sep-15 Oct-15 Nov-15 Dec-15 Jan-16 Feb-16 Mar-16 Apr-16 May-16
0.7764 0.772958 0.817235 0.81689 0.795215 0.805382 0.796095 0.799441 0.786429 0.802234 0.78647
0.76302 0.772958 0.803145 0.78872 0.741302 0.75078 0.755616 0.75809 0.758835 0.774085 0.758382
0.87011 0.881444 0.901777 0.91548 0.876084 0.873635 0.890547 0.895925 0.869211 0.900754 0.884779
0.68923 0.68923 0.68923 0.67225 0.672249 0.672249 0.65726 0.65726 0.65726 0.64894 0.64894
Jun-16 Jul-16 Aug-16 Sep-16 Oct-16 Nov-16 Dec-16 Jan-17 Feb-17 Mar-17 Apr-17
0.76765 0.74179 0.737263 0.709461 0.69939 0.671093 0.654466 0.621042 0.609988 0.599134 0.599733
0.73973 0.71432 0.709442 0.723371 0.68568 0.657671 0.654466 0.63398 0.635945 0.612158 0.599733
0.86535 0.82421 0.876369 0.834659 0.8091 0.778468 0.746091 0.737487 0.713815 0.703331 0.690997
0.64894 0.64062 0.640621 0.640621 0.6323 0.632301 0.632301 0.584939 0.584939 0.584939 0.560567
0.79189 0.733002 0.724549 0.700837 0.69015 0.67796

0.697937 0.680645 0.659857 0.661901 0.677282 0.67796
0.603984 0.57593 0.569288 0.545095 0.547035 0.547583
0.4295 0.366501 0.375213 0.376375 0.338791 0.352017
May-17 Jun-17 Jul-17 Aug-17 Sep-17 Oct-17 Nov-17 Dec-17 Jan-18 Feb-18 Mar-18
0.605642
0.619101
0.713312
0.560567 0.53864 0.52108 0.521077 0.521077 0.50468 0.504684 0.504684 0.494994 0.494994 0.494994
0.699853 0.69689 0.71559 0.733519 0.755275 0.73074 0.72916 0.692363 0.695742 0.691338 0.674828
0.672936 0.68295 0.71559 0.734095 0.740751 0.73074 0.714863 0.677939 0.681247 0.691338 0.689498
0.565266 0.56014 0.58931 0.604549 0.61003 0.58619 0.557593 0.533697 0.536301 0.544245 0.528126
0.363385 0.38201 0.40691 0.416735 0.406687 0.40079 0.386026 0.37503 0.37686 0.382442 0.396095
Apr-18 May-18 Jun-18 Jul-18 Aug-18 Sep-18 Oct-18 Nov-18 Dec-18 Jan-19 Feb-19
0.485633 0.485633 0.48563 0.47627 0.476271 0.476271 0.46925 0.46925 0.46925 0.457188 0.457188
0.643131 0.605791 0.5836 0.5564 0.53562 0.499153 0.48411 0.486997 0.48614 0.467197 0.464537
0.672364 0.648056 0.61139 0.58422 0.576822 0.513018 0.50771 0.486997 0.499644 0.480546 0.477809
0.511581 0.478998 0.45854 0.44512 0.425749 0.402095 0.39794 0.365248 0.364605 0.360409 0.345085
0.365415 0.338116 0.33349 0.30602 0.315878 0.291173 0.28816 0.270554 0.256574 0.240273 0.26545
Mar-19 Apr-19 May-19 Jun-19 Jul-19 Aug-19 Sep-19 Oct-19 Nov-19 Dec-19 Jan-20
0.457188 0.446665 0.446665 0.44666 0.43497 0.434972 0.434972 0.42562 0.425618 0.425618 0.382946
0.488892 0.50399 0.49098 0.519768 0.500171
0.462532 0.459912 0.444625 0.44896 0.43286 0.442319 0.411698 0.42645 0.413457 0.428808 0.410397
0.462532 0.499334 0.47078 0.50178 0.44598 0.416301 0.450295 0.4523 0.439298 0.441803 0.423221
0.35681 0.341649 0.353085 0.34332 0.35416 0.338244 0.321639 0.32307 0.323013 0.311861 0.320622
0.264304 0.262807 0.261544 0.25089 0.26234 0.247179 0.244446 0.23261 0.24549 0.24689 0.218023
Feb-20 Mar-20 Apr-20 May-20 Jun-20 Jul-20 Aug-20 Sep-20 Oct-20 Nov-20
0.382946 0.382946 0.350254 0.350254 0.350254 0.3385 0.3385 0.3385 0.327147 0.327147
0.491368 0.498506 0.476877 0.45344 0.442105 0.437063 0.437302 0.422358 0.421741 0.437664
0.415773 0.434595 0.426679 0.415653 0.416099 0.410574 0.409971 0.408734 0.408137 0.423987
0.428372 0.447377 0.439229 0.440844 0.429102 0.437063 0.437302 0.422358 0.408137 0.423987
0.327579 0.332337 0.326284 0.314889 0.312074 0.291375 0.28698 0.286114 0.285696 0.300894
0.226785 0.23008 0.21334 0.214124 0.208049 0.198665 0.204985 0.217991 0.204068 0.205155
Dec-20 Jan-21 Feb-21 Mar-21 Apr-21 May-21 Jun-21 Jul-21 Aug-21 Sep-21
0.327147 0.301344 0.301344 0.301344 0.310384 0.310384 0.310384 0.319696 0.319696 0.319696
0.463993 0.459021 0.45627 0.435573 0.451757 0.471536 0.49439 0.498306 0.496191 0.483064
0.435872 0.43202 0.44285 0.422374 0.43847 0.444591 0.454304 0.445853 0.457018 0.443896
0.449933 0.445521 0.44285 0.435573 0.451757 0.458064 0.467666 0.458967 0.470076 0.470008
0.309329 0.310514 0.322073 0.303581 0.318887 0.336812 0.334047 0.31472 0.326442 0.326394
0.224966 0.21601 0.228135 0.237585 0.225878 0.229032 0.240514 0.23604 0.22198 0.208892
Oct-21 Nov-21 Dec-21 Jan-22 Feb-22 Mar-22 Apr-22 May-22 Jun-22 Jul-22
0.329287 0.329287 0.329287 0.321263 0.321263 0.321263 0.33572 0.33572 0.33572 0.358805
0.488854 0.493784 0.489014 0.468703 0.458093 0.45611 0.405021 0.405021 0.405021 0.421132
0.45026 0.455801 0.463936 0.43355 0.434601 0.433304 0.470575 0.471081 0.470517 0.463828
0.463125 0.468462 0.476475 0.456985 0.446347 0.433304
0.334479 0.354512 0.351087 0.328092 0.340633 0.342082 0.347329 0.350572 0.361094 0.358413
0.218698 0.2279 0.225699 0.199199 0.199682 0.205249 0.212879 0.208152 0.218845 0.221373
Aug-22 Sep-22 Oct-22 Nov-22 Dec-22 Jan-23 Feb-23 Mar-23 Apr-23 May-23
0.358805 0.358805 0.373849 0.373849 0.373849 0.335998 0.335998 0.335998 0.318793 0.318793
0.421132 0.421132 0.418607 0.418607 0.418607 0.396209 0.396209 0.396209 0.38213 0.38213
0.461528 0.441034 0.437556 0.454283 0.449608 0.43076 0.417889 0.417527 0.405611 0.380535
0.356636 0.348725 0.356151 0.3592 0.339948 0.32307 0.310738 0.321175 0.317911 0.304428
0.230764 0.215389 0.223866 0.232424 0.241253 0.204611 0.203587 0.192705 0.186362 0.184831
Jun-23 Jul-23 Aug-23 Sep-23 Oct-23 Nov-23 Dec-23 Jan-24 Feb-24 Mar-24
0.318793 0.299303 0.299303 0.299303 0.268692 0.268692 0.268692 0.252659 0.252659 0.252659
0.38213 0.388498 0.388498 0.388498 0.377489 0.377489 0.377489 0.360434 0.360434 0.360434
0.368555 0.35386 0.338175 0.299147 0.285189 0.270206 0.261948 0.245805 0.23257 0.223564
0.281836 0.265395 0.239995 0.213676 0.200688 0.18374 0.163717 0.149621 0.147999 0.138397
0.173438 0.165872 0.152724 0.128206 0.116188 0.108082 0.109145 0.096185 0.095142 0.095813
Figure B3.1a Average yearly solar PV module prices by technology sold in Europe, 2010 to 2023 and 2024 Q1;
average (left) and percentage increase (right)
2023 USD/W
Average module price
Technology Year Avg. module price (real)
Low cost 2017 0.382
Low cost 2018 0.327
Low cost 2019 0.252
Low cost 2020 0.214
Low cost 2021 0.226
Low cost 2022 0.217
Low cost 2023 0.160
Low cost 2024 0.096
Mainstream 2017 0.568
Bifacial 2019 0.501
Bifacial 2020 0.457
Bifacial 2021 0.476
Bifacial 2022 0.426
Bifacial 2023 0.386
Bifacial 2024 0.360
High efficiency 2017 0.712
All black 2017 0.696
2023 and 2024 Q1;
Percentage change in average module price

2018 2019 2020 2021 2022 2023 2024
All black -14.2% -22.7% -6.4% 6.2% -2.9%
High efficiency -18.8% -23.6% -5.4% 6.7% 1.3% -22.0% -33.6%
Mainstream -19.9% -25.4% -9.3% 6.5% 6.5% -25.4% -44.2%
Low cost -14.4% -22.9% -15.1% 5.9% -3.9% -26.2% -40.4%
Bifacial -8.8% 4.3% -10.5% -9.5% -6.6%
Figure B3.1b Polysilicon price average between 2020 and Q1 2024
Based on Bernreuter
Date
1/2/2020
1/9/2020
1/16/2020
1/23/2020
1/30/2020
2/6/2020
2/13/2020
2/20/2020
2/27/2020
3/5/2020
3/12/2020
3/19/2020
3/26/2020
4/2/2020
4/9/2020
4/16/2020
4/23/2020
4/30/2020
5/7/2020
5/14/2020
5/21/2020
5/28/2020
6/4/2020
6/11/2020
6/18/2020
6/25/2020
7/2/2020
7/9/2020
7/16/2020
7/23/2020
7/30/2020
8/6/2020
8/13/2020
8/20/2020
8/27/2020
9/3/2020
9/10/2020
9/17/2020
9/24/2020
10/1/2020
10/8/2020
10/15/2020
10/22/2020
10/29/2020
11/5/2020
11/12/2020
11/19/2020
11/26/2020
12/3/2020
12/10/2020
12/17/2020
12/24/2020
12/31/2020
1/7/2021
1/14/2021
1/21/2021
1/28/2021
2/4/2021
2/11/2021
2/18/2021
2/25/2021
3/4/2021
3/11/2021
3/18/2021
3/25/2021
4/1/2021
4/8/2021
4/15/2021
4/22/2021
4/29/2021
5/6/2021
5/13/2021
5/20/2021
5/27/2021
6/3/2021
6/10/2021
6/17/2021
6/24/2021
7/1/2021
7/8/2021
7/15/2021
7/22/2021
7/29/2021
8/5/2021
8/12/2021
8/19/2021
8/26/2021
9/2/2021
9/9/2021
9/16/2021
9/23/2021
9/30/2021
10/7/2021
10/14/2021
10/21/2021
10/28/2021
04-Nov-21
11-Nov-21
18-Nov-21
25-Nov-21
02-Dec-21
09-Dec-21
16-Dec-21
23-Dec-21
30-Dec-21
06-Jan-22
13-Jan-22
20-Jan-22
27-Jan-22
03-Feb-22
10-Feb-22
17-Feb-22
24-Feb-22
03-Mar-22
10-Mar-22
17-Mar-22
24-Mar-22
31-Mar-22
07-Apr-22
14-Apr-22
21-Apr-22
28-Apr-22
05-May-22
12-May-22
19-May-22
26-May-22
02-Jun-22
09-Jun-22
16-Jun-22
23-Jun-22
30-Jun-22
07-Jul-22
14-Jul-22
21-Jul-22
28-Jul-22
04-Aug-22
11-Aug-22
18-Aug-22
25-Aug-22
01-Sep-22
08-Sep-22
15-Sep-22
22-Sep-22
29-Sep-22
06-Oct-22
13-Oct-22
20-Oct-22
27-Oct-22
03-Nov-22
10-Nov-22
17-Nov-22
24-Nov-22
01-Dec-22
08-Dec-22
15-Dec-22
22-Dec-22
29-Dec-22
01-Jan-23
08-Jan-23
15-Jan-23
22-Jan-23
30-Jan-23
06-Feb-23
13-Feb-23
20-Feb-23
27-Feb-23
06-Mar-23
13-Mar-23
20-Mar-23
27-Mar-23
03-Apr-23
10-Apr-23
17-Apr-23
24-Apr-23
01-May-23
09-May-23
16-May-23
23-May-23
29-May-23
06-Jun-23
12-Jun-23
20-Jun-23
27-Jun-23
04-Jul-23
11-Jul-23
18-Jul-23
25-Jul-23
01-Aug-23
08-Aug-23
15-Aug-23
22-Aug-23
29-Aug-23
05-Sep-23
12-Sep-23
20-Sep-23
26-Sep-23
04-Oct-23
10-Oct-23
17-Oct-23
25-Oct-23
01-Nov-23
08-Nov-23
15-Nov-23
22-Nov-23
29-Nov-23
06-Dec-23
13-Dec-23
20-Dec-23
27-Dec-23
Polysilicon price (2023 USD/kg)
9.99
10.04
10.12
10.11
10.12
10.01
9.99
9.98
10.06
10.20
10.19
10.11
10.03
9.70
9.58
9.37
8.62
8.51
8.50
8.21
8.17
7.95
7.95
7.87
7.90
7.80
7.90
8.04
8.30
8.42
9.30
11.14
11.91
12.77
13.60
13.78
12.86
14.38
13.97
13.51
13.51
13.54
13.25
12.78
12.86
12.78
12.57
12.54
12.25
12.01
12.06
12.12
12.33
12.28
12.33
12.52
12.67
12.82
12.87
12.87
14.10
15.33
16.02
16.81
17.26
17.99
18.54
19.92
20.11
21.99
22.43
24.35
26.92
29.93
31.65
31.60
31.65
31.36
31.21
31.26
30.57
30.47
29.19
30.32
30.47
30.47
31.16
31.36
32.00
31.95
32.44
32.54
39.19
40.08
40.38
40.48
40.42
40.48
40.55
40.55
40.67
39.29
37.66
35.47
34.78
32.12
32.12
32.41
33.41
33.58
33.35
33.70
34.35
34.46
34.75
35.11
35.05
34.93
35.22
35.40
35.52
35.52
34.93
34.81
34.81
34.64
35.16
35.81
36.04
35.87
36.69
37.80
38.44
39.44
39.61
39.61
40.25
40.55
40.49
40.02
39.96
39.61
39.79
39.38
38.62
39.08
38.73
38.32
38.56
38.15
38.32
38.68
38.56
38.38
38.15
36.28
33.70
22.81
17.47
21.57
21.50
25.60
30.43
30.25
30.00
28.33
28.14
27.83
27.21
26.78
26.47
25.53
24.85
22.99
22.00
20.39
17.60
16.29
14.43
12.70
9.60
8.85
8.60
8.67
8.79
8.98
9.10
9.16
9.29
9.41
9.78
10.28
10.47
10.40
10.40
10.40
10.47
10.40
9.97
9.47
8.98
8.60
8.36
8.36
8.17
8.05
8.05
8.05
7.74
Figure B3.1c Polysilicon pricing per kilogramme, percent change per year and three-year moving average of polysilicon man
Polysilicon price (2023 % change in polysilicon

USD/kg) price
2003 44.5
2004 69.6 56.5%
2005 172.6 147.8%
2006 363.9 110.9%
2007 467.7 28.5%
2008 500.6 7.0%
2009 110.5 -77.9%
2010 81.9 -25.9%
2011 74.9 -8.6%
2012 28.9 -61.4%
2013 21.9 -24.1%
2014 26.0 18.4%
2015 20.1 -22.7%
2016 18.6 -7.2%
2017 19.5 4.7%
2018 15.5 -20.6%
2019 10.5 -32.0%
2020 10.7 1.4%
2021 27.7 159.8%
2022 36.7 32.4%
2023 15.5 -57.7%
moving average of polysilicon manufacturing capacity utilisation, 2003-2023.
3 year moving average of

excess capacity
1.180
1.003
0.889
0.752
0.680
0.353
0.052
-0.203
-0.152
-0.153
-0.038
0.062
0.150
0.099
0.028
-0.013
0.056
0.144
0.177
0.140
0.429
Figure 3.3 Total installed solar PV system cost by project and weighted average for utility-scale systems, 2010-2023
Total installed cost (2023 USD/kW)

2010 2011 2012 2013 2014
5th percentile 3884 2993 2389 1952 1634
Weighted average 5310 4553 3466 3042 2749
95th percentile 8619 8500 7382 6131 5919
ystems, 2010-2023
2015 2016 2017 2018 2019 2020 2021 2022 2023

1385 1184 962 926 827 659 641 585 526
2090 1901 1644 1405 1161 1019 950 908 758
4642 3735 3446 3321 2729 2697 2167 1946 1663
Figure B3.2a Global weighted average total installed costs of utility-scale solar PV systems and cost reductions by source, 20
2010
2023 USD/kW 5310
Share Of Decline 2010-2023
reductions by source, 2010-2023
Module Other soft cost Installation/EPC/development

-2285 -683 -707
50% 15% 16%
Inverter Racking and mounting Other BoS hardware
-437 -308 -1.33
10% 7% 3%
2023
758
Figure B3.2b Global weighted average total installed costs of utility-scale solar PV systems and cost reductions by source, 20
2010 Module
2023 USD/kW 5310 -1921
Share Of Decline (by period) 56%
stems and cost reductions by source, 2010-2016 and 2016-2023
Installation/EPC/ Racking and Other BoS

Other soft cost development Inverter mounting hardware
-503 -471 -384 -238 108
15% 14% 11% 7% -3%
Installation/EPC/
2016 Module Other soft cost development Inverter
1901 363 180 236 53
32% 16% 21% 5%
Racking and Other BoS
mounting hardware 2023
70 241 758
6% 21%
Figure 3.4 Utility-scale solar PV total installed cost trends in selected countries, 2010-2023
2010 2011 2012 2013 2014

Australia 8,034 7,882 5,709 3,351 3,498
Chile 2,420 3,578 3,125
China 4,211 3,956 3,190 2,462 2,051
France 6,363 6,505 5,753 3,775 2,756
Germany 4,309 3,428 2,723 2,335 1,861
India 5,875 3,620 3,176 3,269 2,218
Italy 6,024 5,646 2,990 2,368 2,294
Japan 6,317 4,558 3,894 3,570
Mexico 5,187 3,266 2,884
Netherlands
Republic of Korea 10,459 6,865 2,664 3,097 2,572
Spain 5,434 3,796 3,127 2,687 2,694
Turkey
United Kingdom 6,878 5,466 3,234 2,682 2,260
United States 5,331 5,224 5,137 4,553 3,356
2015 2016 2017 2018 2019 2020 2021
2,601 2,239 2,292 1,768 1,455 1,219 1,135
2,844 2,533 2,260 2,160 2,009 1,224 1,180
1,585 1,435 1,346 1,023 924 748 697
1,814 1,535 1,442 1,249 1,139 1,087 897
1,489 1,351 1,296 1,295 1,045 804 769
1,512 1,301 1,298 922 719 685 654
1,131 1,012 966 897 871
2,583 2,834 2,571 2,444 2,408 2,106 1,878
2,020 2,608 2,353 1,723 1,440 1,011 967
1,334 1,800 1,358 1,304 1,291 1,134
2,433 2,401 1,839 1,542 1,456 1,091 1,043
1,390 891 876 905
1,822 1,461 1,402 1,071 950 899
1,778 1,704 1,474 1,584 1,184 972 941
2,991 2,583 2,178 1,801 1,420 1,287 1,204
2022 2023 % decrease 2010-2023
957 989 ▼88%
921 954
742 671 ▼82%
1,200 955 ▼81%
1,033 731 ▼76%
664 711 ▼89%
799 821 ▼87%
1,976 1,875
993 1,050
1,266 753
1,387 1,205 ▼87%
807 671 ▼85%
715 715
943 933 ▼86%
1,160 1,109 ▼78%
Figure 3.5 Utility-scale solar PV total installed cost trends in major utility-scale markets, 2018-2023
Region Country
South Africa Total Installed Cost 2023 USD/kW
Africa
% Difference from previous year
China Total Installed Cost 2023 USD/kW

India Total Installed Cost 2023 USD/kW
Asia % Difference from previous year
Japan Total Installed Cost 2023 USD/kW
Republic of Korea Total Installed Cost 2023 USD/kW
Greece Total Installed Cost 2023 USD/kW

Netherlands Total Installed Cost 2023 USD/kW
Germany Total Installed Cost 2023 USD/kW
Europe
United Kingdom Total Installed Cost 2023 USD/kW
Portugal Total Installed Cost 2023 USD/kW
France Total Installed Cost 2023 USD/kW
Italy Total Installed Cost 2023 USD/kW
Saudi Arabia Total Installed Cost 2023 USD/kW

Middle East
Canada Total Installed Cost 2023 USD/kW

Mexico Total Installed Cost 2023 USD/kW
North America
United States Total Installed Cost 2023 USD/kW
Oceania Australia Total Installed Cost 2023 USD/kW
Brazil Total Installed Cost 2023 USD/kW

South America
Chile Total Installed Cost 2023 USD/kW
2018 2019 2020 2021 2022 2023
1 943 1 537 1 344 1 213 1 303 1255
▼21% ▼13% ▼10% ▲7% ▼4%
1 023 0 924 0 748 697 742 671

▼10% ▼19% ▼7% ▲6% ▼10%
922 719 685 654 664 711
▼22% ▼5% ▼5% ▲2% ▲7%
2444 2408 2106 1878 1976 1875
▼1% ▼13% ▼11% ▲5% ▼5%
1542 1456 1091 1043 1387 1205
▼6% ▼25% ▼4% ▲33% ▼13%
2115 872 806 1216 626

▼59% ▼8% ▲51% ▼48%
1358 1304 1291 1134 1266 753
▼4% ▼1% ▼12% ▲12% ▲14%
1295 1045 804 769 1033 731
▼19% ▼23% ▼4% ▲34% ▼29%
1584 1184 972 941 943 933
▼25% ▼18% ▼3% ▲0.3% ▼1%
1040 986 824 998 1017 723
▼5% ▼16% ▲21% ▲2% ▼29%
1249 1139 1087 897 1200 955
▼9% ▼5% ▼18% ▲34% ▼20%
1012 966 897 871 799 821
▼5% ▼7% ▼3% ▼8% ▲3%
1473 1159 1034 677 794

▼21% ▼11% ▼35% ▲17%
2823 1633 1465 1203 996 1337

▼42% ▼10% ▼18% ▼17% ▲34%
1723 1440 1011 967 993 1050
▼16% ▼30% ▼4% ▲3% ▲6%
1801 1420 1287 1204 1160 1109
▼21% ▼9% ▼6% ▼4% ▼4%
1768 1455 1219 1135 957 989
▼18% ▼16% ▼7% ▼16% ▲3%
1767 1460 1268 894 761 727

▼17% ▼13% ▼29% ▼15% ▼5%
2160 2009 1224 1180 921 954
▼7% ▼39% ▼4% ▼22% ▲4%
Figure 3.6 Detailed breakdown of utility-scale solar PV total installed costs by country, 2023
South Africa
Category Cost Component 372.9
Modules 62.7
Module and inverter
Inverters 76.4
Racking and mounting 118.9
Grid connection 72.4
BoS Hardware Cabling/ wiring 35.4
Safety and security 8.0
Monitoring and control 83.3
Mechanical installation 60.1
Installation Electrical installation 6.7
Inspection 158.0
Margin 57.4
Financing costs 6.6
System design 97.3
Soft costs
Permitting 37.1
Incentive application 2.0
Customer acquisition
Total installed cost (2023 USD/kW) 1255

Russian Federation Republic of Korea United States Hungary Mexico
401.1 387.5 396.4 330.8 315.7
82.1 78.9 54.2 61.3 55.0
64.9 85.6 99.0 105.2 124.7
149.3 93.9 86.9 94.8 73.4
66.8 83.4 58.0 56.6 52.0
27.4 16.1 21.9 47.5 25.3
5.6 6.8 11.7 10.3 19.3
86.3 88.8 141.8 37.0 76.2
85.0 58.7 58.3 56.3 38.1
27.2 14.8 6.6 21.7 15.2
113.4 114.1 104.1 152.0 148.2
34.2 55.6 15.6 11.9 22.5
30.0 13.5 25.8 9.3 17.7
54.1 67.6 5.7 47.9 11.7
17.0 34.5 15.8 29.8 43.9
3.8 5.3 7.2 5.6 11.2
1248 1205 1109 1078 1050

Australia Belgium France Chile
309.3 304.5 270.8 331.8
30.7 60.8 50.0 63.6
125.3 112.8 72.4 89.8
43.0 77.2 85.3 74.8
61.3 15.8 72.4 64.9
11.1 20.2 7.5 18.7
4.8 5.3 4.3 7.5
90.1 79.5 118.6 59.9
82.6 71.0 90.9 49.9
36.9 12.2 7.5 12.9
85.3 139.3 99.1 81.1
36.5 17.9 12.6 56.1
8.2 10.4 5.6 6.2
37.5 12.7 46.0 26.9
0.0 1.8 8.8 7.5
26.3 23.6 3.1 2.5
989 965 955 954

United Kingdom Cyprus Slovakia Argentina
277.3 265.0 268.9 294.8
39.8 51.0 47.9 56.7
65.5 65.0 64.5 63.6
56.9 115.0 215.7 61.7
76.6 18.0 29.4 78.6
17.9 34.0 10.7 5.0
4.8 4.0 5.7 6.0
96.1 68.0 43.0 55.4
84.6 61.0 51.7 57.5
17.9 19.0 9.9 13.9
58.5 106.0 48.1 87.2
35.4 35.0 21.6 17.7
9.5 6.0 10.4 9.9
59.7 2.0 12.2 16.3
29.9 0.0 0.0 0.0
2.4 5.0 4.4 5.6
933 854 844 830

Indonesia Saudi Arabia Netherlands Romania
264.1 280.4 237.1 247.6
62.6 36.7 54.3 39.5
53.8 112.2 66.6 67.5
77.1 36.2 75.2 105.5
73.9 53.4 20.2 37.9
8.0 8.9 13.7 14.8
12.8 9.2 4.8 5.9
28.1 47.3 74.1 33.6
20.1 34.9 68.3 29.5
36.1 27.6 8.6 13.8
86.4 82.4 94.2 79.8
29.2 4.1 10.3 12.2
12.0 20.6 6.2 14.9
24.1 26.9 8.2 19.6
0.0 0.0 4.7 7.9
9.6 12.9 6.6 12.8
798 794 753 743

Germany Brazil Portugal Latvia
276.7 188.3 210.7 245.0
37.0 41.2 39.6 56.0
68.9 87.3 85.3 60.0
64.0 36.9 90.9 89.0
42.0 37.3 43.0 23.0
10.3 22.7 3.1 12.0
5.3 15.7 8.8 6.0
52.1 100.1 63.5 48.0
44.0 68.9 63.3 55.0
9.0 6.1 9.7 9.0
78.6 34.5 50.9 65.0
9.2 27.7 12.3 14.0
7.5 22.6 7.4 12.0
16.7 21.9 23.8 9.0
0.0 7.8 0.0 7.0
9.8 7.8 10.6 6.0
731 727 723 716

Türkiye India Estonia Poland
226.0 279.6 250.1 248.2
34.5 27.7 43.4 36.7
29.5 75.4 69.8 90.8
35.5 34.1 54.8 77.7
48.1 35.2 20.7 24.9
6.1 47.9 10.8 24.1
5.0 2.5 7.8 4.4
61.7 36.2 62.9 45.3
46.6 25.6 53.4 45.9
4.1 2.1 17.0 7.3
58.9 47.9 56.2 60.0
43.7 45.3 14.2 13.8
9.2 12.8 8.7 7.5
56.7 19.2 18.1 9.9
48.2 3.9 2.2 0.4
1.4 15.7 14.9 3.1
715 711 705 700

Ireland Luxembourg Austria China
220.9 254.5 309.9 248.6
34.6 41.6 45.5 34.3
42.2 51.9 79.2 42.0
38.0 38.5 43.7 61.4
32.8 21.1 28.7 15.0
11.0 4.5 5.3 8.6
3.1 7.5 3.5 2.4
104.2 73.9 36.4 63.9
63.7 72.1 55.6 51.0
11.4 5.0 0.0 10.2
42.2 78.5 44.5 67.6
19.2 9.3 12.4 28.3
6.5 10.1 2.5 7.0
49.7 5.4 5.1 9.8
2.2 9.2 0.5 17.1
4.3 1.2 4.6 4.0
686 684 678 671

Spain Czech Republic Bulgaria
218.3 232.1 221.8
37.8 39.0 43.6
71.7 77.0 58.4
59.5 50.9 93.6
41.6 13.1 34.2
2.0 23.8 9.5
3.9 5.8 6.1
55.1 46.7 27.8
52.9 40.7 32.0
6.8 7.9 11.0
73.6 89.0 74.8
12.1 13.5 10.7
3.9 7.5 8.8
28.0 9.7 16.5
0.0 6.1 3.3
3.9 0.0 6.8
671 663 659

Figure 3.7 Breakdown of utility-scale solar PV total installed costs by country, 2018 and 2023
2023 USD/kW
Module and inverter

2018 2023
Argentina 819 352
Australia 536 340
Brazil 651 229
China 450 283
France 473 321
Germany 723 314
India 490 307
Indonesia 841 327
Mexico 538 371
Russian Federation 773 483
Saudi Arabia 537 317
South Africa 1 011 436
Türkiye 588 260
United Kingdom 705 317
United States 650 451
BoS hardware Installation Soft costs
2018 2023 2018 2023 2018
350 215 251 127 504
647 246 484 210 420
577 200 441 175 371
165 129 215 125 351
451 242 234 217 284
339 190 185 105 248
222 195 102 64 250
342 226 51 84 366
509 295 274 129 669
595 314 691 198 1 032
228 220 208 110 728
472 311 155 150 606
268 124 172 112 591
332 222 325 199 467
486 278 515 207 429
Soft costs
2023
137
194
122
134
175
122
145
161
255
252
147
358
218
195
174
Table 3.1 Global weighted-average capacity factors for utility-scale PV systems by year of commissioning, 2010–2023
Year 5th percentile Weighted average

2010 11.0% 13.8%
2011 10.1% 15.3%
2012 10.5% 15.1%
2013 11.9% 16.4%
2014 10.8% 16.6%
2015 10.8% 16.5%
2016 10.7% 16.7%
2017 11.5% 17.6%
2018 12.4% 17.9%
2019 10.7% 17.5%
2020 9.9% 16.1%
2021 10.8% 17.2%
2022 10.4% 16.9%
2023 10.0% 16.2%
y year of commissioning, 2010–2023
95th percentile
23.0%
26.0%
25.6%
23.0%
24.4%
29.0%
25.9%
27.0%
26.9%
23.9%
20.8%
21.3%
20.5%
21.7%
Figure 3.8 Survey results for the median all-in O&M costs for utility-scale solar PV by cost category and country,
2022 and 2023
2023 USD/kW/year
Technical operation Insurances

2 022 2 023 2 022
Lower bound 1.25 1.14 0.90
Median 2.66 2.47 2.02
Upper bound 3.75 3.70 2.81
tegory and country,
Insurances Preventive maintenance Commercial operation

2 023 2 022 2 023 2 022
1.00 0.48 0.60 0.22
2.05 1.45 1.46 0.84
3.29 2.42 2.32 1.27
Commercial operation Corrective maintenance Greenkeeping
2 023 2 022 2 023 2 022 2 023
0.09 0.00 0.01 0.00 0.00
0.59 0.10 0.12 0.15 0.08
1.02 0.41 0.78 0.93 0.58
Security Panel Cleaning Total
2 022 2 023 2 022 2 023 2 022 2 023
0.00 0.00 0.00 0.00 3.54 3.60
0.11 0.06 0.04 0.04 8.10 7.56
0.85 0.23 0.21 0.19 13.87 13.87
Figure 3.9 Survey results for the median all-in O&M costs for utility-scale solar PV by cost category and region, in 2022 and 2
2023 USD/kW/year
Technical operation Insurances

2 022 2 023 2 022
Lower bound 1.25 1.26 0.90
Median 2.36 2.23 1.90
Upper bound 3.16 2.78 2.59
t category and region, in 2022 and 2023
2023 USD/kW/year
Insurances Preventive maintenance Commercial operation

2 023 2 022 2 023 2 022 2 023
1.29 0.48 0.94 0.22 0.12
1.95 1.25 1.46 0.71 0.46
3.17 2.21 2.00 0.96 0.83
Corrective Greenkeeping Security Panel Cleaning Total
maintenance
2 022 2 023 2 022 2 023 2 022 2 023 2 022 2 023 2 022 2 023
0.00 0.03 0.04 0.00 0.00 0.03 0.00 0.00 3.77 3.85
0.10 0.14 0.06 0.05 0.05 0.07 0.06 0.06 7.35 7.01
0.32 0.41 0.10 0.15 0.07 0.12 0.10 0.15 9.44 8.78
Figure 3.10 Global utility-scale solar PV project LCOE and range, 2010-2023
LCOE (2023 USD/kWh)

2010 2011 2012
5th percentile 0.230 0.192 0.154
Weighted average 0.460 0.343 0.256
95th percentile 0.576 0.572 0.458
2013 2014 2015 2016 2017 2018 2019 2020 2021 2022
0.133 0.109 0.086 0.080 0.058 0.053 0.050 0.041 0.032 0.031
0.197 0.177 0.132 0.116 0.091 0.077 0.067 0.060 0.052 0.050
0.414 0.392 0.316 0.261 0.231 0.220 0.181 0.176 0.130 0.122
2023
0.031
0.044
0.110
Figure B3.3a Drivers of the decline of the global weighted average LCOE of utility-scale solar PV, 2010-2023
2010
2023 USD/kW 0.46
V, 2010-2023
Total installed costs

Module Other soft cost Installation/EPC/development
-0.188 -0.036 -0.058
45% 9% 14%
installed costs Finance
Inverter Racking and mounting Other BoS hardware WACC
-0.025 -0.011 -0.056 -0.017
6% 3% 14% 4%
Opex Performance
All-in O&M Capacity factor 2023
-0.012 -0.013 0.044
3% 3%
Figure B3.3a Drivers of the decline of the global weighted average LCOE of utility-scale solar PV, 2010, 2016 and 2023
2010
2023 USD/kW 0.46
V, 2010, 2016 and 2023

Module Other soft cost Installation/EPC/development Inverter
-0.158 -0.032 -0.039 -0.02
46% 9% 11% 6%
Finance Opex
Racking and mounting Other BoS hardware WACC All-in O&M
0.009 -0.042 -0.022 -0.009
-3% 12% 6% 3%
Performance Total installed costs
Capacity factor 2016 Module Other soft cost
-0.031 0.116 -0.02% -0.003
9% 28% 4%
Installation/EPC/development Inverter Racking and mounting Other BoS hardware
-0.013 -0.004 -0.013 -0.01
18% 5% 19% 14%
Finance Opex Performance
WACC All-in O&M Capacity factor 2023
-0.008 -0.002 0.002 0.044
11% 3% -2%
Figure 3.11 Utility-scale solar PV weighted average cost of electricity in selected countries, 2010-2023
2010 2011 2012 2013

Australia 0.468 0.476 0.288 0.165
Chile 0.207 0.154
China 0.340 0.297 0.218 0.171
France 0.437 0.444 0.451 0.267
Germany 0.415 0.350 0.282 0.222
India 0.389 0.247 0.210 0.210
Italy 0.463 0.436 0.221 0.195
Japan 0.484 0.345 0.286
Mexico 0.314 0.203
Netherlands
Republic of Korea 0.499 0.521 0.209 0.247
Spain 0.360 0.250 0.201 0.153
Turkey
United Kingdom 0.590 0.543 0.318 0.257
United States 0.243 0.290 0.250 0.249
2014 2015 2016 2017 2018 2019 2020
0.136 0.117 0.089 0.098 0.080 0.077 0.058
0.151 0.105 0.096 0.092 0.123 0.098 0.066
0.127 0.095 0.082 0.072 0.055 0.051 0.043
0.178 0.124 0.098 0.087 0.074 0.067 0.060
0.164 0.130 0.114 0.103 0.099 0.081 0.070
0.136 0.089 0.084 0.077 0.056 0.044 0.042
0.160 0.078 0.069 0.063 0.060
0.253 0.181 0.181 0.143 0.132 0.121 0.113
0.144 0.089 0.168 0.152 0.089 0.080 0.059
0.129 0.144 0.109 0.104 0.101
0.190 0.174 0.167 0.112 0.092 0.085 0.064
0.147 0.086 0.054 0.049
0.138 0.131 0.104 0.094 0.073
0.210 0.163 0.154 0.126 0.128 0.095 0.080
0.170 0.157 0.142 0.103 0.080 0.067 0.066
2021 2022 2023 % decrease 2010-2023
0.045 0.041 0.038 ▼92%
0.047 0.043 0.041
0.037 0.038 0.036 ▼90%
0.053 0.063 0.057 ▼87%
0.064 0.081 0.063 ▼85%
0.038 0.038 0.048 ▼88%
0.054 0.063 0.061 ▼87%
0.093 0.098 0.110
0.053 0.068 0.070
0.084 0.091 0.070
0.060 0.075 0.074 ▼85%
0.051 0.047 0.044 ▼88%
0.069 0.072 0.090
0.074 0.077 0.079 ▼87%
0.060 0.059 0.063 ▼74%
Figure 3.12 Utility-scale solar PV weighted average LCOE trends in major utility-scale markets, 2018-2023
Region Country
South Africa
Africa
China
India
Asia
Japan
Republic of Korea
Greece
Netherlands
Germany
Europe
United Kingdom
Portugal
France
Italy
Saudi Arabia
Middle East
Canada
Mexico
North America
United States
Oceania Australia
Brazil
South America
Chile
utility-scale markets, 2018-2023
2018 2019
LCOE 2023 USD/kWh 0.096 0.074
% Difference from previous year ▼23%
LCOE 2023 USD/kWh 0.055 0.051

LCOE 2023 USD/kWh 0.056 0.044
LCOE 2023 USD/kWh 0.132 0.121
LCOE 2023 USD/kWh 0.092 0.085
LCOE 2023 USD/kWh 0.118

LCOE 2023 USD/kWh 0.109 0.104
LCOE 2023 USD/kWh 0.099 0.081
LCOE 2023 USD/kWh 0.128 0.095
LCOE 2023 USD/kWh 0.056 0.061
% Difference from previous year ▲9%
LCOE 2023 USD/kWh 0.074 0.067
LCOE 2023 USD/kWh 0.069 0.063
LCOE 2023 USD/kWh 0.087 0.064

LCOE 2023 USD/kWh 0.177 0.115

LCOE 2023 USD/kWh 0.089 0.080
LCOE 2023 USD/kWh 0.080 0.067
LCOE 2023 USD/kWh 0.080 0.077

LCOE 2023 USD/kWh 0.117 0.109

LCOE 2023 USD/kWh 0.123 0.098
2020 2021 2022 2023
0.071 0.059 0.064 0.075
▼4% ▼18% ▲10% ▲17%
0.043 0.037 0.038 0.036

▼15% ▼14% ▲3% ▼6%
0.042 0.038 0.038 0.048
▼5% ▼10% ▲2% ▲26%
0.113 0.093 0.098 0.110
▼7% ▼17% ▲5% ▲13%
0.064 0.060 0.075 0.074
▼24% ▼7% ▲26% ▼2%
0.056 0.051 0.073 0.052

▼53% ▼8% ▲42% ▼28%
0.101 0.084 0.091 0.070
▼3% ▼17% ▲9% ▼23%
0.070 0.064 0.081 0.063
▼15% ▼8% ▲28% ▼23%
0.080 0.074 0.077 0.079
▼16% ▼8% ▲5.0% ▲2%
0.053 0.053 0.060 0.052
▼14% ▲0% ▲15% ▼14%
0.060 0.053 0.063 0.057
▼12% ▼12% ▲20% ▼10%
0.060 0.054 0.063 0.061
▼6% ▼9% ▲15% ▼2%
0.053 0.037 0.044

▼17% ▼31% ▲18%
0.095 0.081 0.069 0.101

▼17% ▼15% ▼15% ▲47%
0.059 0.053 0.068 0.070
▼26% ▼10% ▲27% ▲3%
0.066 0.060 0.059 0.063
▼3% ▼9% ▼1% ▲6%
0.058 0.045 0.041 0.038

▼25% ▼21% ▼9% ▼8%
0.088 0.055 0.054 0.059

▼19% ▼37% ▼3% ▲11%
0.066 0.047 0.043 0.041
▼32% ▼29% ▼9% ▼5%
Contents
Figure 4.1 Global weighted-average and range of total installed costs, capacity factors and LCOE for offshore
wind, 2010-2023
Offshore Wind 2010-2023
Total installed cost

(2023 USD/kW)
2010 2011 2012 2013
5th percentile 3509 3504 3548 2494
Weighted average 5409 6195 5482 5794
95th percentile 7476 7889 6863 6794
Capacity factor (%)

2010 2011 2012 2013
5th percentile 23.0% 26.7% 29.1% 26.2%
Weighted average 37.9% 38.1% 39.9% 45.0%
95th percentile 49.4% 41.7% 44.1% 54.0%
LCOE (2023 USD/kWh)

2010 2011 2012 2013
5th percentile 0.127 0.125 0.120 0.102
Weighted average 0.203 0.212 0.179 0.153
95th percentile 0.298 0.245 0.226 0.233
nd LCOE for offshore
2014 2015 2016 2017 2018 2019 2020 2021

2598 3532 3324 3228 2527 3383 2672 2263
6101 6119 4818 5442 5323 4265 3611 3165
7543 7463 13598 6551 6697 6944 8140 6320
2014 2015 2016 2017 2018 2019 2020 2021

20.4% 28.0% 28.8% 31.0% 24.9% 30.1% 29.5% 31.0%
35.1% 41.9% 39.7% 44.7% 43.1% 42.5% 38.6% 38.8%
44.8% 48.5% 46.8% 51.1% 48.5% 53.0% 46.7% 45.9%
2014 2015 2016 2017 2018 2019 2020 2021

0.140 0.117 0.110 0.108 0.087 0.084 0.073 0.065
0.186 0.152 0.126 0.115 0.108 0.093 0.090 0.080
0.218 0.225 0.398 0.176 0.200 0.167 0.240 0.143
2022 2023
2199 1605
3478 2800
7157 5601
2022 2023
27.9% 30.3%
41.5% 41.0%
50.0% 52.0%
2022 2023
0.063 0.053
0.080 0.075
0.167 0.171
Figure 4.2 Average distance from shore and water depth for offshore wind in China, Europe and the rest of the world, 2000-
`
Country (China/Europe/Rest of the World) Year Capacity (MW)

2000 Europe 4
2000 Europe 10.5
2001 Europe 40
2001 Europe 10
2002 Europe 160
2003 Europe 23
2003 Europe 60
2003 Europe 165
2004 Europe 25.2
2004 Europe 60
2004 Europe 4.5
2005 Europe 90
2006 Europe 90
2007 Europe 90
2007 Europe 108
2007 Europe 108
2007 Europe 10
2007 Europe 110.4
2008 Europe 120
2009 Europe 90
2009 Europe 194.4
2009 Europe 209.3
2009 Europe 30
2010 Europe 60
2010 Europe 165
2010 Europe 172.8
2010 Europe 180
2010 Europe 300
2010 Europe 207
2011 Europe 48.3
2011 Europe 183.6
2012 Europe 183.6
2012 Europe 316.8
2012 Europe 504
2012 Europe 150
2013 Europe 400
2013 Europe 216
2013 Europe 270
2013 Europe 399.6
2013 Europe 630
2013 Europe 295.2
2014 Europe 108
2014 Europe 288
2014 Europe 388.8
2015 Europe 200
2015 Europe 400
2015 Europe 49.5
2015 Europe 129
2015 Europe 210
2015 Europe 219
2015 Europe 288
2015 Europe 288
2015 Europe 301.6
2015 Europe 576
2015 Europe 288
2015 Europe 295.2
2016 Europe 144
2016 Europe 582
2017 Europe 110.7
2017 Europe 165
2017 Europe 256
2017 Europe 288
2017 Europe 332.1
2017 Europe 402
2017 Europe 402
2017 Europe 600
2017 Europe 350
2017 Europe 42
2018 Europe 308.7
2018 Europe 330
2018 Europe 330
2018 Europe 352.8
2018 Europe 400.2
2018 Europe 573.3
2018 Europe 28
2018 Europe 93.2
2018 Europe 252
2018 Europe 5
2019 Europe 16.8
2019 Europe 202.56
2019 Europe 252.2
2019 Europe 369.6
2019 Europe 387
2019 Europe 396
2019 Europe 406.7
2019 Europe 497
2019 Europe 1218
2019 Europe 12
2019 Europe 336
2020 Europe 464.8
2020 Europe 112
2020 Europe 218.5
2020 Europe 235.2
2020 Europe 252
2020 Europe 752
2020 Europe 714
2021 Europe 19
2021 Europe 382.7
2021 Europe 604.8
2021 Europe 731.5
2021 Europe 857
2021 Europe 949
2022 Europe 30
2022 Europe 342
2022 Europe 480
2022 Europe 750
2022 Europe 924
2022 Europe 740
2022 Europe 10
2023 Europe 257
2023 Europe 344
2023 Europe 483
2023 Europe 750
2023 Europe 759
2023 Europe 335
2023 Europe 360
Rest of the World
2004 1.32
2010 China 32
2010 China 102
2015 China 202
2016 China 50
2016 China 152
Rest of the World
2016 30
Rest of the World
2016 2
2017 China 300
Rest of the World
2017 8
Rest of the World
2017 30
2018 China 252
2018 China 90
2018 China 77.4
2018 China 300
2018 China 200
2018 China 150
2018 China 151.8
2018 China 400
2018 China 120
2018 China 300
2019 China 100
2019 China 185
2019 China 250
2019 China 56
2019 China 112
2019 China 132
2019 China 302.5
2019 China 303.3
Rest of the World
2019 120
2019 China 122.55
2019 China 178.2
2019 China 302.4
2019 China 290.4
Rest of the World
2020 60
2020 China 300
2020 China 400
Rest of the World
2020 12
Rest of the World
2020 8
Rest of the World
2020 60
2020 China 301.5
2021 China 200
2021 China 302.8
2021 China 280.3
2021 China 297.8
Rest of the World
2021 29.4
Rest of the World
2021 29.4
Rest of the World
2021 50
2021 China 282
2021 China 300
2021 China 301.2
2021 China 399.95
2021 China 302.5
2021 China 303.3
2021 China 500.5
Rest of the World
2021 50
Rest of the World
2021 141
2021 China 101.15
2021 China 103.5
2021 China 150
2021 China 200
2021 China 200
2021 China 206.4
2021 China 206.4
2021 China 246
2021 China 300
2021 China 300
2021 China 300
2021 China 301.5
2021 China 302.5
2021 China 303.9
2021 China 320
Rest of the World
2021 109.2
Rest of the World
2021 294.8
2021 China 302.2
Rest of the World
2021 60
2021 China 100
2021 China 100
2021 China 400
2022 China 308
Rest of the World
2022 84
2022 China 304
2022 China 400
2022 China 501
2022 China 502
2022 China 503.1
Rest of the World
2022 605.2
2022 China 401.5
2022 China 501
2022 China 400
2023 China 504
Rest of the World
2023 54.6
2023 China 240
2023 China 304
2023 China 304
2023 China 306
2023 China 501.5
2023 China 594
2023 China 228
2023 China 275
Rest of the World
2023 22
Rest of the World
2023 294.8
Rest of the World
2023 376
2023 China 85
2023 China 126
2023 China 300
2023 China 407
in China, Europe and the rest of the world, 2000-2023
Distance from shore (m) Offshore Water Depth (m)

1 6
12 10
4.7 6
4 10
20 11
4 13
7.2 12
10.8 9
10 25
2.3 8
0.6 3
8.5 5
7.5 20
6.4 12
10 18
18 20
23 45
11.3 13
23 24
8 12.5
5 11
31.7 17
30 27.5
56.2 30
46 37
7 13
11 12
12 25
8.8 12
16 18
19 23
19 30
23 22
36 34
10 20
101 41
38 29.6
8 15
21 19
20 25
30 27.5
29 23
89 26
14 24
65.7 33
115 40
8.8 5
23 24
8 26
8 18
54 22
70 32
57 24
12.87 28
57 44
57 25
1.1 7
44.2 33.6
16 11
46 36
6 14
90 35
47.3 29
32 27
95 39.8
85 36
73 43
1.55 15
33 36
19 37
19 37
27 39
17 41
32 26
1 6
3 30
18.4 55
1.5 30
98 40
65.5 35
95 40
23 35
68 37
45 33
20.9 20
100 40
120 37
1.5 20
13.5 55
49.8 28
105 40
52 40
50 39.9
40 38
22 38
42 48
22.2 38.5
6.4 6
26.4 35
22.2 37
32 18
27.5 57
1.5 18
47.6 26
12 23
18.5 28
89 40
25 62
41 37
19 46
4.2 25
131 35
18.5 28
19 28
25 62
22.8 39
0.7 13
8 4
13 10
10 12
8.3 15
25 14.6
4.8 28.2
1 100
15 12
2 31
1 10
11 16
5 3
5 8
14 25
18 10
21 22
21 22
16 18
25 11
23 13
10.7 6
8 25
6 20
2.4 25
2.4 25
2.4 25
12 32
12 15
2 31
40 17
40 17
42 15
4.7 38
12.4 25
22.5 28.3
19.5 30
44.448 25.4
8 20
12.4 25
45 15
5 25
0.85 12.21
4.7 28
4.7 28
5 8
9.2 3
4.7 8
25 10
17 12
15.7 12
25 14
12 32
12 15
10 27
3 5
1 5
20 11
40 18
30 13
15 15
47 10
10 9
67 20
6 20
36 18
37 15
48 21
40 20
10 19
20 32
8 38
8 28
35.7 44.1
20 27
1.84 23
12 15
39 20.5
33 15
13 25
1.5 26
10 8.2
25 37
16 20
25 38.6
25 37
35.7 44
20 26
55 46
19 15
22.8 15
1.5 26
22 40
6.7 11.3
10 8.2
19 29
16 19
25 31
62 47
62 47
30 38
35.7 44
3.8 54
22 40
22 40
23 40
48 43
Figure 4.3 Distance from shore and water depth for offshore wind by country, 2000-2023
Country Year Capacity (MW) Distance from shore (m)

Belgium 2009 30 30
Belgium 2010 165 46
Belgium 2013 216 38
Belgium 2013 295.2 30
Belgium 2017 165 46
Belgium 2018 308.7 33
Belgium 2019 369.6 23
Belgium 2020 218.5 52
Belgium 2020 235.2 50
Belgium 2020 252 40
China 2010 32 8
China 2010 102 13
China 2015 202 10
China 2016 50 8.3
China 2016 152 25
China 2017 300 15
China 2018 77.4 5
China 2018 90 5
China 2018 120 25
China 2018 150 21
China 2018 151.8 21
China 2018 200 18
China 2018 252 11
China 2018 300 14
China 2018 300 23
China 2018 400 16
China 2019 56 2.4
China 2019 100 10.7
China 2019 112 2.4
China 2019 122.55 40
China 2019 132 2.4
China 2019 178.2 40
China 2019 185 8
China 2019 250 6
China 2019 290.4 4.7
China 2019 302.4 42
China 2019 302.5 12
China 2019 303.3 12
China 2020 300 22.5
China 2020 301.5 45
China 2020 400 19.5
China 2021 100 12
China 2021 100 39
China 2021 101.15 20
China 2021 103.5 40
China 2021 150 30
China 2021 200 5
China 2021 200 15
China 2021 200 47
China 2021 206.4 10
China 2021 206.4 67
China 2021 246 6
China 2021 280.3 4.7
China 2021 282 25
China 2021 297.8 4.7
China 2021 300 17
China 2021 300 36
China 2021 300 37
China 2021 300 48
China 2021 301.2 15.7
China 2021 301.5 40
China 2021 302.2 20
China 2021 302.5 12
China 2021 302.5 10
China 2021 302.8 0.85
China 2021 303.3 12
China 2021 303.9 20
China 2021 320 8
China 2021 399.95 25
China 2021 400 33
China 2021 500.5 10
China 2022 304 10
China 2022 308 13
China 2022 400 25
China 2022 400 19
China 2022 401.5 20
China 2022 501 16
China 2022 501 55
China 2022 502 25
China 2022 503.1 25
China 2023 85 22
China 2023 126 22
China 2023 228 62
China 2023 240 22
China 2023 275 62
China 2023 300 23
China 2023 304 6.7
China 2023 304 10
China 2023 306 19
China 2023 407 48
China 2023 501.5 16
China 2023 504 22.8
China 2023 594 25
Denmark 2001 40 4.7
Denmark 2002 160 20
Denmark 2003 23 4
Denmark 2003 165 10.8
Denmark 2009 209.3 31.7
Denmark 2010 207 8.8
Denmark 2013 399.6 21
Denmark 2018 28 1
Denmark 2019 406.7 20.9
Denmark 2021 604.8 26.4
Denmark 2023 344 4.2
Germany 2004 4.5 0.6
Germany 2010 60 56.2
Germany 2011 48.3 16
Germany 2013 400 101
Germany 2014 108 29
Germany 2014 288 89
Germany 2015 200 65.7
Germany 2015 288 54
Germany 2015 288 70
Germany 2015 288 57
Germany 2015 295.2 57
Germany 2015 301.6 57
Germany 2015 400 115
Germany 2016 582 44.2
Germany 2017 110.7 16
Germany 2017 288 90
Germany 2017 332.1 47.3
Germany 2017 350 73
Germany 2017 402 95
Germany 2019 16.8 98
Germany 2019 202.56 65.5
Germany 2019 252.2 95
Germany 2019 387 68
Germany 2019 396 45
Germany 2019 497 100
Germany 2020 112 105
Germany 2020 464.8 49.8
Germany 2022 10 41
Germany 2022 342 47.6
Germany 2023 257 19
Netherlands 2007 108 10
Netherlands 2016 144 1.1
United Kingdom 2003 60 7.2
United Kingdom 2009 194.4 5
Offshore Water Depth (m)
27.5
37
29.6
27.5
36
36
35
40
39.9
38
4
10
12
15
14.6
12
8
3
11
22
22
10
16
25
13
18
25
6
25
17
25
17
25
20
38
15
32
15
28.3
15
30
15
20.5
11
18
13
25
15
10
9
20
20
28
10
28
12
18
15
21
12
20
27
32
19
12.21
15
32
38
14
15
27
8.2
25
37
15
26
20
46
38.6
37
40
40
47
40
47
40
11.3
8.2
29
43
19
15
31
6
11
13
9
17
12
19
6
20
35
25
3
30
18
41
23
26
33
22
32
44
25
24
40
33.6
11
35
29
43
39.8
40
35
40
37
33
40
40
28
37
26
46
18
20
24
24
7
36
38
38.5
6
37
28
28
28
6
12
8
5
20
45
12
12.5
11
13
12
25
23
20
30
22
34
15
25
24
5
26
18
28
14
27
30
55
37
37
39
41
26
20
55
37
48
18
57
62
40
62
35
Figure 4.4 Project turbine size, global weighted average turbine size and wind farm capacity for offshore wind, 2000-2023
Turbine rating and project capacity (MW)
Offshore wind
Turbine capacity (MW) Average wind farm

size (MW)
Year 5th percentile Weighted average 95th percentile
2000 1.5 1.6 2.0 7
2001 2.0 2.0 2.0 25
2002 2.0 2.0 2.0 160
2003 2.0 2.2 2.3 83
2004 0.7 2.4 3.4 23
2005 3.0 3.0 3.0 90
2006 3.0 3.0 3.0 90
2007 2.0 2.9 3.5 85
2008 2.0 2.0 2.0 120
2009 2.3 3.2 4.7 92
2010 2.1 3.1 4.6 136
2011 2.4 3.2 3.5 83
2012 3.6 4.0 4.9 289
2013 1.7 4.1 5.7 261
2014 2.2 3.6 3.6 201
2015 3.0 4.2 6.4 231
2016 1.7 5.3 6.0 149
2017 3.2 5.5 6.9 237
2018 2.5 5.4 8.3 223
2019 3.42 6.8 8.4 235
2020 4.4 6.8 8.62 304
2021 4.0 6.3 9.5 266
2022 2.4 7.9 10.8 344
2023 4.1 9.9 12.7 280
hore wind, 2000-2023
Figure 4.5 Project and weighted average total installed costs for offshore wind, 2000-2023
Offshore wind
5th Weighted 95th
Year percentile average percentile
2000 2,411 2,979 3,169
2001 2,721 2,775 3,043
2002 4,000 4,000 4,000
2003 1,180 3,193 3,456
2004 2,505 3,629 7,071
2005 2,818 2,818 2,818
2006 2,417 3,176 3,157
2007 3,336 5,110 7,323
2008 5,730 6,337 6,691
2009 3,588 5,122 6,948
2010 3,509 5,409 7,476
2011 3,504 6,195 7,889
2012 3,548 5,482 6,863
2013 2,494 5,794 6,794
2014 2,598 6,101 7,543
2015 3,532 6,119 7,463
2016 3,247 4,713 5,273
2017 3,228 5,413 6,376
2018 2,514 5,320 6,514
2019 3,381 4,263 6,749
2020 2,653 3,538 5,706
2021 2,256 3,137 5,660
2022 2,196 3,478 5,515
2023 1,605 2,800 5,601
Figure 4.6 Representative offshore wind farm total installed cost breakdowns by country/region, 2013, 2015, 2016, 2017, 201
Source Contingency & Other Development

IEA wind, generic (2016) 10% 6%
Generic OECD average (2019) 13% 4%
Europe (2016) 12% 3%
Europe (2015) 8% 3%
United States (2017) 14% 5%
IEA wind, generic (2017) 14% 3%
United Kingdom (2019) 12% 3%
Malaysia (2021) 10% 9%
JRC (2017) 10% 7%
/region, 2013, 2015, 2016, 2017, 2019 and 2021
Electrical Interconnection FoundationInstallationTurbine

15% 17% 13% 39%
17% 14% 14% 38%
17% 13% 25% 30%
16% 16% 17% 41%
24% 14% 8% 34%
21% 22% 5% 36%
12% 22% 19% 33%
13% 16% 16% 38%
13% 14% 18% 41%
8% 21% 10% 42%
8% 18% 14% 43%
Figure 4.7 Installation time per offshore wind project in Europe, 2010-2023
Offshore Wind Project Average Average delivered capacity

Year
Construction duration (Year) per yeary per project (MW)
2010 2.0 86.6

2011 0.8 59.4
2012 3.1 161.9
2013 2.7 143.6
2014 2.2 91.9
2015 2.4 130.4
2016 1.6 167.7
2017 1.6 183.7
2018 1.9 156.0
2019 2.3 157.1
2020 2.0 203.5
2021 1.8 328.5
2022 1.1 606.0
2023 1.6 337.1
Figure 4.8 Project and weighted average capacity factors for offshore wind, 2000-2023
Capacity factor (%)
Offshore wind
Weighted 95th
Year 5th percentile average percentile
2000 17% 34% 40%
2001 28% 29% 34%
2002 43% 43% 43%
2003 40% 41% 43%
2004 30% 32% 39%
2005 36% 36% 36%
2006 28% 38% 38%
2007 31% 32% 34%
2008 38% 39% 41%
2009 30% 37% 42%
2010 23% 38% 49%
2011 27% 38% 42%
2012 29% 40% 44%
2013 26% 45% 54%
2014 20% 35% 45%
2015 28% 42% 48%
2016 30% 40% 44%
2017 31% 45% 50%
2018 25% 43% 49%
2019 30% 43% 53%
2020 30% 39% 47%
2021 31% 39% 46%
2022 28% 42% 50%
2023 30% 41% 52%
Figure 4.9 Global weighted average offshore wind turbine rotor diameter and hub height 2010-2023
Weighted
Weighted Average
Year average hub
rotor diameter (m)
height (m)
2010 83 112
2011 80 93
2012 80 107
2013 90 119
2014 90 116
2015 87 120
2016 104 141
2017 100 144
2018 101 142
2019 108 157
2020 99 158
2021 101 160
2022 120 178
2023 126 206
Figure 4.10 Capacity factor and wind speed trends by project in Europe, 2010-2023
Percentage difference in Percentage difference in

Year Weighted Average CF (%) in WAVG Wind speed (M/s) in
reference to 2010 reference to 2010
2010 ▲0% ▲0%

2011 ▼1% ▼5%
2012 ▲3% ▼0%
2013 ▲12% ▲1%
2014 ▼0% ▲3%
2015 ▲10% ▲3%
2016 ▲11% ▲4%
2017 ▲20% ▲3%
2018 ▲15% ▲2%
2019 ▲22% ▲4%
2020 ▲7% ▲3%
2021 ▲22% ▲3%
2022 ▲21% ▲1%
2023 ▲28% ▼1%
Figure 4.11 Offshore wind projects and global weighted average LCOE, 2000-2023
2023 USD/kWh
Offshore wind
5th Weighted 95th
Year percentile average percentile
2000 0.118 0.181 0.187
2001 0.127 0.171 0.136
2002 0.131 0.145 0.131
2003 0.065 0.134 0.120
2004 0.105 0.189 0.234
2005 0.116 0.159 0.116
2006 0.120 0.157 0.125
2007 0.137 0.225 0.258
2008 0.178 0.227 0.215
2009 0.149 0.209 0.230
2010 0.127 0.203 0.298
2011 0.125 0.212 0.245
2012 0.120 0.179 0.226
2013 0.102 0.153 0.233
2014 0.140 0.186 0.218
2015 0.117 0.152 0.225
2016 0.110 0.124 0.147
2017 0.108 0.115 0.172
2018 0.087 0.108 0.189
2019 0.084 0.093 0.143
2020 0.073 0.088 0.137
2021 0.065 0.080 0.122
2022 0.063 0.080 0.143
2023 0.053 0.075 0.171
Table 4.1: Project characteristics in China and Europe in 2010, 2017 and 2023
The average offshore wind farm in China

2010 2017 2023
vs Europe
China 67 255 321

Project size (MW)
Europe 155 253 470
Distance from shore China 12 15 27
(km) Europe 18 61 35
China 9 12 29
Water depth (m)
Europe 21 32 35
China n.a. n.a. 131
Hub height (m)
Europe 83 100 127
China n.a. 171 227
Rotor diameter (m)
Europe 112 141 190
China 2.8 5.0 10.1
Turbine size (MW)
Europe 3.1 5.6 10.4
Table 4.2: Regional and country weighted-average total installed costs and ranges for offshore wind, 2010 and 2023

Offshore wind
2010
Weighted
average
(2023 USD/kW)
Asia 3 307 5 192 5 813
China 3 230 5 145 5 715
Japan 5 672 5 672 5 672
Republic of Korea* n.a. n.a. n.a.
Europe 4 405 5 418 7 476
Belgium* 7 027 7 027 7 027
Denmark 3 797 3 797 3 797
Germany 7 476 7 476 7 476
Netherlands** 4 769 4 769 4 769
United Kingdom 4 687 5 273 5 627
Notes:
*Countries where data were only available for projects commissioned in 2020, not 2023.
**Countries where data were only available for projects commissioned in 2015, not 2010.
wind, 2010 and 2023
2023
Weighted
average
(2023 USD/kW)
1 512 2 651 5 564
1 504 2 370 3 225
5 528 5 528 5 528
5 811 6 964 8 118
2 511 3 138 4 784
3 740 3 933 4 300
2 918 2 918 2 918
2 895 2 895 2 895
2 443 2 564 2 686
3 284 3 432 3 656
oned in 2020, not 2023.

sioned in 2015, not 2010.
Table 4.3: Weighted-average capacity factors for offshore wind projects in seven countries, 2010 and 2023
Capacity factor (%)

Offshore wind
Percentage change
2010 2023
2010-2023
%
Belgium* 38 41 8%
China 30 40 33%
Denmark 44 52 18%
Germany 50 46 8%
Japan 28 30 7%
Netherlands** 48 51 6%
United Kingdom 36 53 47%
Table 4.4 Regional and country weighted average LCOE of offshore wind, 2010 and 2023
LCOE (2022 USD/kWh)

Offshore wind
2010
(2023 USD/kW)
Asia 0.133 0.197 0.218
China 0.130 0.197 0.215
Japan 0.207 0.207 0.207
Republic of Korea*
n.a. n.a. n.a.
Europe 0.136 0.205 0.241
Belgium* 0.244 0.244 0.244
Denmark 0.117 0.117 0.117
Germany 0.193 0.195 0.201
Netherlands** n.a. n.a. n.a.
United Kingdom 0.215 0.224 0.233
2023
(2023 USD/kW)
0.050 0.078 0.211
0.049 0.070 0.091
0.211 0.211 0.211
0.144 0.195 0.246
0.052 0.067 0.108
0.088 0.090 0.092
0.048 0.048 0.048
0.063 0.063 0.063
0.059 0.061 0.063
0.056 0.059 0.062
2020, not 2023.

2015, not 2010.
Contents
Figure 5.1 Global weighted average and range of total installed costs, capacity factors and LCOE for CSP, 2010-2023
CSP 2010-2023
Total installed cost

(2023 USD/kW)
2010 2011 2012 2013 2014
5th percentile 8036 9169 7132 4431 3256
95th percentile 14477 20488 15058 11017 8319
Capacity factor (%)

2010 2011 2012 2013 2014
5th percentile 23.7% 23.7% 21.5% 22.8% 25.6%
Weighted average 30.4% 35.5% 27.4% 31.0% 28.5%
95th percentile 39.0% 53.1% 38.8% 44.2% 31.6%
LCOE (2023 USD/kWh)

2010 2011 2012 2013 2014
5th percentile 0.336 0.275 0.243 0.217 0.141
Weighted average 0.396 0.381 0.369 0.293 0.256
95th percentile 0.448 0.520 0.500 0.378 0.304
OE for CSP, 2010-2023
2015 2016 2017 2018 2019 2020 2021

4268 3147 4558 4014 4343 4986 10085
8562 9042 8519 6110 7638 5265 10085
10399 13454 10339 7985 10009 5874 10085
2015 2016 2017 2018 2019 2020 2021

22.3% 15.1% 29.7% 32.0% 23.2% 40.3% 80.0%
40.4% 36.2% 38.6% 45.1% 37.1% 41.9% 80.0%
50.5% 51.1% 42.7% 61.3% 54.4% 45.6% 80.0%
2015 2016 2017 2018 2019 2020 2021

0.185 0.286 0.278 0.088 0.118 0.122 0.124
0.246 0.290 0.278 0.164 0.242 0.122 0.124
0.319 0.304 0.278 0.245 0.384 0.122 0.124
2022 2023
4431 5968
4431 6589
4431 7940
2022 2023
35.8% 54.5%
35.8% 54.5%
35.8% 54.5%
2022 2023
0.122 0.107
0.122 0.117
0.122 0.139
Figure 5.2 CSP total installed costs by project size, collector type and amount of storage, 2010-2023
Individual project data contains confidential information
5th percentile
2010 8 036
2011 9 169
2012 7 132
2013 4 431
2014 3 256
2015 4 268
2016 3 147
2017 4 558
2018 4 014
2019 4 343
2020 4 986
2021 10 085
2022 4 431
2023 5 968
orage, 2010-2023
contains confidential information
Weighted-average (2023
USD/kW) 95th percentile
10 642 14 477
12 316 20 488
9 518 15 058
7 503 11 017
6 409 8 319
8 562 10 399
9 042 13 454
8 519 10 339
6 110 7 985
7 638 10 009
5 265 5 874
10 085 10 085
4 431 4 431
6 589 7 940
Figure 5.3 Total installed cost breakdown of CSP plants by technology (2010-2011 and 2023)
Solar Tower total installed cost breakdown
Year 2023 USD/kW
Tower 2011 421
Tower 2023 165
Owners costs 2011 1 320
Owners costs 2023 1 098
Contingencies 2011 2 033
Thermal energy storage 2011 2 358
Thermal energy storage 2023 788
Power block 2011 3 129
BoP and engineering 2011 4 014
BoP and engineering 2023 278
Receiver 2011 4 105
Receiver 2023 1 110
Heliostat field 2011 7 913
Heliostat field 2023 2 240
Parabolic trough total installed cost breakdown
Year 2023 USD/kW

Owners costs 2010 635
Owners costs 2023 525
Engineering 2010 692
Engineering 2023 222
Balance of plant 2010 855
Balance of plant 2023 310
Contingencies 2023 444
Thermal energy storage 2010 1 191
Thermal energy storage 2023 869
HTF system 2010 1 294
HTF system 2023 619
Solar field 2010 6 149
Solar field 2023 1 771
Percent of total
2%
2%
5%
14%
8%
14%
9%
10%
12%
16%
16%
3%
16%
14%
31%
28%
Percent of total
4.5%
9.0%
4.9%
3.8%
6.1%
5.3%
8.2%
7.6%
8.5%
14.8%
9.2%
10.6%
14.6%
18.7%
43.9%
30.2%
Figure 5.4 Capacity factor trends for CSP plants by direct normal irradiance and storage duration, 2010-2023
Storage hours Capfactor

0 to 4 h 38%
0 to 4 h 43%
0 to 4 h 19%
0 to 4 h 36%
0 to 4 h 27%
0 to 4 h 26%
4 to 8 h 36%
4 to 8 h 36%
4 to 8 h 40%
4 to 8 h 41%
4 to 8 h 37%
4 to 8 h 19%
4 to 8 h 39%
4 to 8 h 39%
4 to 8 h 36%
4 to 8 h 39%
4 to 8 h 38%
4 to 8 h 40%
4 to 8 h 39%
4 to 8 h 45%
4 to 8 h 37%
4 to 8 h 57%
4 to 8 h 40%
4 to 8 h 40%
4 to 8 h 34%
4 to 8 h 38%
4 to 8 h 36%
4 to 8 h 31%
4 to 8 h 43%
8 to 10 41%
8 to 10 53%
8 to 10 52%
8 to 10 41%
8 to 10 45%
8 to 10 36%
8 to 10 40%
8 to 10 49%
9 to 10 55%
10+ 63%
10+ 46%
10+ 55%
10+ 64%
10+ 55%
10+ 80%
no storage 22%
no storage 22%
no storage 23%
no storage 24%
no storage 33%
no storage 27%
no storage 24%
no storage 24%
no storage 30%
no storage 27%
no storage 27%
no storage 26%
no storage 26%
no storage 24%
no storage 23%
no storage 23%
no storage 23%
no storage 27%
no storage 23%
no storage 30%
no storage 26%
no storage 26%
no storage 22%
no storage 22%
no storage 23%
no storage 23%
no storage 23%
irradiance and storage duration, 2010-2023
Direct normal irradiance (DNI)

2 963
2 952
1 996
2 497
1 952
1 930
2 096
2 107
2 260
2 007
2 064
2 393
2 104
2 064
2 096
2 062
2 784
2 007
2 055
1 789
2 937
2 830
2 069
2 086
2 503
2 508
1 883
1 952
2 960
1 982
2 949
2 734
2 077
1 950
1 887
1 863
1 641
2 000
2 072
1 649
1 654
1 734
2 000
3 186
2 159
2 068
1 992
2 064
2 768
2 065
2 086
1 799
1 476
2 888
2 074
2 064
2 064
2 019
2 076
2 076
2 076
1 667
2 053
2 393
1 742
2 676
2 092
2 092
2 068
2 076
2 042
0.411
0.411
0.631
0.5189
0.4338
0.5251
0.8
Figure 5.5 Average project size and average storage hours of CSP projects, 2010-2023
Project size MW 2010 2011 2012 2013 2014

5th percentile 50.0 20.0 29.6 43.8 50.0
Average 54 45 50 75 166
95th percentile 68.8 50.0 52.5 163.8
Storage hours 2010 2011 2012 2013 2014

5th percentile 0 0 0 0 0
95th percentile 7.5 11.3 8.0 9.0 0.0
2015 2016 2017 2018 2019 2020 2021 2022 2023
55.0 44.9 52.5 50.0 45.8 52.5 110.0 50 105
87 76 75 121 70 75 110 50 150
109.0 143.5 97.5 200.0 120.6 97.5 110.0 50.0 195.0
2015 2016 2017 2018 2019 2020 2021 2022 2023

2.88 2.1 3.7 4.95 1.58 10.15 17.5 9 10.25
5.2 3.4 3.7 9.1 4.7 11.0 17.5 9.0 11.7
9.5 8.7 3.7 13.8 9.7 12.9 17.5 9 14.75
Figure 5.6 Capacity factors, storage hours and the solar resource, 2010-2023
Capacity Factor Storage hours Solar resource (DNI)

22% 0 2 159
22% 0 2 068
36% 8 2 107
36% 8 2 107
40% 8 2 260
41% 8 2 007
37% 7 2 064
19% 5 2 393
30% 0 2 393
39% 8 2 104
39% 8 2 104
39% 8 2 055
53% 9 2 949
23% 0 1 992
39% 8 2 064
80% 18 3 186
52% 10 2 734
40% 10 1 863
45% 9 1 950
26% 0 1 742
55% 11 1 654
36% 8 2 096
36% 8 2 096
36% 8 2 096
63% 15 2 072
26% 0 2 676
64% 15 1 734
24% 0 2 064
45% 8 1 789
0 2 159
22% 0 2 092
22% 0 2 092
37% 5 2 937
33% 0 2 768
57% 5 2 830
38% 3 2 963
43% 2 2 952
41% 10 1 982
39% 8 2 062
40% 8 2 069
40% 8 2 086
46% 13 1 649
27% 0 2 065
24% 0 2 086
24% 0 1 799
30% 0 1 476
27% 0 2 888
23% 0 2 068
55% 15 2 000
55% 10 2 000
34% 7 2 503
38% 7 2 508
19% 1 1 996
27% 0 2 074
36% 3 2 497
26% 0 2 064
26% 0 2 064
41% 9 2 077
41% 9 2 077
36% 6 1 883
7 1 641
36% 9 1 887
24% 0 2 019
23% 0 2 076
23% 0 2 076
23% 0 2 076
23% 0 2 076
23% 0 2 042
23% 0 2 042
38% 6 2 784
27% 0 1 667
23% 0 2 053
31% 6 1 952
40% 8 2 007
43% 6 2 960
49% 9 1 641
Table 5.1 All-in (insurance included) O&M cost estimates for CSP plants in selected markets
Parabolic trough collectors

Country
(2023 USD/kWh)
Argentina 0.029
Australia 0.031
Brazil 0.023
China 0.025
France 0.036
India 0.018
Italy 0.029
Mexico 0.019
Morocco 0.014
Russian Federation 0.028
Saudi Arabia 0.013
South Africa 0.014
Spain 0.028
Türkiye 0.021
United Arab Emirates 0.021
United States of America 0.028
Solar tower
(2023 USD/kWh)
0.027
0.03
0.023
0.021
0.031
0.018
0.027
0.018
0.013
0.026
0.012
0.013
0.026
0.019
0.023
0.025
Figure 5.7 LCOE for CSP projects by technology and storage duration, 2010-2023
2023 USD/kWh 2010 2011 2012 2013 2014

MIN LCOE 0.287 0.255 0.221 0.132 0.185
MAX LCOE 0.456 0.531 0.560 0.396 0.319
2015 2016 2017 2018 2019 2020 2021 2022 2023
0.181 0.285 0.278 0.082 0.117 0.122 0.124 0.122 0.106
0.246 0.290 0.278 0.164 0.242 0.122 0.124 0.122 0.117
0.330 0.305 0.278 0.258 0.446 0.122 0.124 0.122 0.140
Figure 5.8 Reduction in LCOE for CSP projects, 2010-2023, by source
2023 USD/kWh
LCOE 2010 0.393 Share
Total installed cost 0.216 64%
Capacity factor 0.168 17%
O&M 0.141 10%
WACC 0.117 9%
LCOE 2023 0.117
Contents
Figure 6.1 Deployment increase, utility-scale energy storage cost decline between 2010 and 2023 and behind the meter cost
Deployment increase, utility-scale energy storage cost decline between 2010 and 2023
Gross Energy storage capacity additions, global (GWh gross)

Total installed energy storage project cost, global (2023 USD/kWh usable)
Behind-the-meter lithium-ion battery storage cost trends for residential systems in Germany, 2014-Q3
Median price per net capacity (2023 USD/kWh)
5th percentile
Weighted average
95th percentile
nd 2023 and behind the meter cost decline in Germany between 2014 and 2023Q1
een 2010 and 2023
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
0.09 0.08 0.46 0.33 0.53 1.60 2.07 2.95 7.48 7.54
2511 2082 1963 1616 1701 1544 1102 693 638 334
ntial systems in Germany, 2014-Q3 2023
2014 2015 2016 2017 2018 2019 2020 2021 2022 Q3 2023
2013 855 690 562 563 521 502 612 520 501
3049 1967 1350 1184 1110 886 865 1188 892 862
4768 3469 2303 1869 1773 1530 1447 2081 1261 1312
2020 2021 2022 2023
12.59 22.49 35.56 95.86
301 283 358 273
Figure 6.2 Global gross battery storage capacity additions by year and total installed electricity storage project cost, 2010-20
Gross Energy storage capacity additions, global (GWh gross)

Total installed energy storage project cost, global (2023 USD/kWh usable)
y storage project cost, 2010-2023
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
0.09 0.08 0.46 0.33 0.53 1.60 2.07 2.95 7.48 7.54
2511 2082 1963 1616 1701 1544 1102 693 638 334
2020 2021 2022 2023
12.59 22.49 35.56 95.86 BNEF
301 283 358 273
Figure 6.3 Battery energy storage deployment by application in GW
Based on BNEF data

Figure 6.4 Turnkey battery storage system prices by market and duration, 2021-2023
Price Ratio to Global average per country and storage hours

China
2021 2022 2023
1 hours 2 hours 4 hours 1 hours 2 hours 4 hours 1 hours 2 hours 4 hours
0.84 0.90 0.87 0.80 0.85 0.71 0.66 0.67 0.60
United States
2021 2022 2023
1.01 1.03 0.95 1.46 1.36 1.11 1.61 1.32 1.19
Europe
2021 2022 2023
1.04 1.05 1.09 1.07 1.22 0.89 1.11 1.24 1.13
Figure 6.5 Behind-the-meter lithium-ion battery storage cost trends for residential systems in Germany, 2014-Q3 2023
Median price per net capacity (2023

USD/kWh)
2014 2015 2016 2017 2018
5th percentile 2013 855 690 562 563
95th percentile 4768 3469 2303 1869 1773
in Germany, 2014-Q3 2023
2019 2020 2021 2022 Q3 2023

521 502 612 520 501
886 865 1188 892 862
1530 1447 2081 1261 1312
Figure 6.6 Behind-the-meter lithium-ion battery storage cost trends for residential systems by country, 2021-Q3 2023
Median price per net capacity (2023 USD/kWh) 2021 2022

Germany 1188 891
Italy 1189 928
France 1061 864
United Kingdom 836 690
country, 2021-Q3 2023
Q3 2023
862
723
817
895
Figure 6.7 LDES global average cost per technology
2023 USD/kWh
Pumped Hydro 149
Lithium-ion battery 235
Thermal Storage 241
Flow Battery 323
CAES 384
Contents
Figure 7.1 Global weighted average total installed costs, capacity factors and LCOE for hydropower, 2010-2023
Hydropower 2010-2023

2010 2011 2012 2013 2014
5th percentile 934 987 1017 1020 1069
95th percentile 3399 3158 3914 4023 4805
Capacity factor (%)

2010 2011 2012 2013 2014
5th percentile 31% 31% 30% 33% 34%
Weighted average 44% 44% 46% 50% 50%
95th percentile 66% 66% 68% 71% 75%
LCOE (2023 USD/kWh)

2010 2011 2012 2013 2014
5th percentile 0.028 0.030 0.032 0.032 0.032
95th percentile 0.102 0.089 0.106 0.115 0.147
er, 2010-2023
2015 2016 2017 2018 2019 2020 2021 2022 2023

1097 990 1099 1053 1214 1303 1368 916 1245
1751 2075 2130 1669 2053 2152 2365 3053 2806
5118 6380 7778 4561 4575 8214 5661 6697 8504
2015 2016 2017 2018 2019 2020 2021 2022 2023

33% 31% 23% 27% 35% 29% 31% 39% 34%
51% 50% 47% 46% 48% 45% 45% 47% 53%
80% 69% 69% 70% 70% 74% 74% 68% 72%
2015 2016 2017 2018 2019 2020 2021 2022 2023

0.031 0.035 0.036 0.036 0.033 0.037 0.042 0.029 0.027
0.041 0.054 0.056 0.044 0.046 0.051 0.053 0.061 0.057
0.140 0.200 0.283 0.154 0.148 0.221 0.164 0.222 0.320
Figure 7.2 Total installed costs by project and global weighted average for hydropower, 2010-2023
Hydropower
Weighted 95th
Year 5th percentile
average percentile
2010 934 1459 3399
2011 987 1438 3158
2012 1017 1537 3914
2013 1020 1738 4023
2014 1069 1593 4805
2015 1097 1751 5118
2016 990 2075 6380
2017 1099 2130 7778
2018 1053 1669 4561
2019 1214 2053 4575
2020 1303 2152 8214
2021 1368 2365 5661
2022 916 3053 6697
2023 1245 2806 8504
Figure 7.3 Total installed costs for small and large hydropower projects and the global weighted-average,
2010-2023
Large Hydropower
2010 937 1457 3308
2011 987 1429 2751
2012 1017 1532 3785
2013 1011 1731 4044
2014 1091 1585 4564
2015 1105 1748 5066
2016 983 2073 5425
2017 1074 2118 7475
2018 886 1664 4418
2019 1210 2047 4746
2020 1203 2146 8715
2021 1306 2365 3883
2022 930 3055 6977
2023 1230 2785 3993
Small Hydropower
2010 935 1530 3396
2011 989 1686 3473
2012 1017 1783 4002
2013 1117 2002 3632
2014 1031 2507 6987
2015 1248 2437 5207
2016 1713 2902 7550
2017 2268 5785 12131
2018 1411 2962 4358
2019 1358 2433 4450
2020 1580 2826 6060
2021 1600 2368 6499
2022 710 871 1039
2023 1308 4216 11313
ed-average,
Figure 7.4 Distribution of total installed costs of large and small hydropower projects by capacity, 2010-2015 and 2016-2023
Large Hydropower
2010-2015 2016-2023
Total investment (Bins) Percentage of Total investment (Bins)
Capacity (MW)
2023 USD/kW capacity 2023 USD/kW
400 7.68% 19602 400
600 4.56% 11639 600
800 4.93% 12578 800
1 000 10.61% 27091 1 000
1 200 24.95% 63700 1 200
1 400 13.13% 33512 1 400
1 600 6.91% 17631 1 600
1 800 6.04% 15419 1 800
2 000 6.34% 16179 2 000
2 200 3.99% 10176 2 200
2 400 1.33% 3383 2 400
2 600 2.03% 5174 2 600
2 800 1.27% 3251 2 800
3 000 0.89% 2278 3 000
3 200 2.18% 5575 3 200
3 400 0.36% 920 3 400
3 600 0.27% 692 3 600
3 800 0.28% 710 3 800
4 000 0.46% 1162 4 000
4 200 0.14% 351 4 200
4 400 0.25% 643 4 400
4 600 0.25% 637 4 600
4 800 0.36% 928 4 800
5 000 0.14% 350 5 000
5 200 0.08% 195 5 200
5 400 0.03% 71 5 400
5 600 0.04% 97 5 600
5 800 0.06% 155 5 800
6 000 0.04% 108 6 200
6 200 0.06% 157 6 400
6 400 0.05% 116 6 600
6 600 0.03% 80 7 000
6 800 0.01% 25 7 200
7 000 0.01% 20 7 600
7 200 0.05% 116 8 200
7 400 0.02% 53 8 600
8 000 0.01% 22 8 800
8 200 0.09% 219 9 200
9 600 0.03% 80 9 400
10 200 0.02% 49 10 200
11 200 0.01% 30 11 800
12 000 0.01% 30 12 600
15 200 0.02% 40 16 400
19 200 0.02% 51 17 200
capacity, 2010-2015 and 2016-2023
Small Hydropower
2016-2023 2010-2015
Percentage of Total investment (Bins) Percentage of
Capacity (MW) Capacity (MW)
capacity 2023 USD/kW capacity
0.41% 773 600 0.66% 31
3.01% 5647 800 7.14% 333
2.94% 5522 1 000 17.26% 806
5.84% 10958 1 200 17.24% 804
14.80% 27776 1 400 12.14% 567
9.64% 18098 1 600 11.75% 548
7.75% 14543 1 800 7.28% 340
9.45% 17742 2 000 5.15% 240
6.96% 13056 2 200 3.17% 148
13.41% 25165 2 400 3.93% 183
5.94% 11147 2 600 2.10% 98
4.25% 7968 2 800 1.84% 86
1.52% 2848 3 000 1.29% 60
2.58% 4833 3 200 1.22% 57
0.81% 1529 3 400 1.44% 67
1.24% 2323 3 600 1.57% 73
1.99% 3741 3 800 0.71% 33
2.69% 5049 4 000 0.67% 31
0.28% 526 4 200 0.40% 19
0.60% 1124 4 400 0.43% 20
0.28% 525 4 600 0.52% 24
0.06% 111 4 800 0.13% 6
0.30% 562 5 000 0.25% 12
0.57% 1068 5 200 0.05% 2
0.53% 988 5 400 0.03% 1
0.16% 306 5 600 0.16% 8
0.06% 104 5 800 0.18% 8
0.35% 659 6 200 0.23% 11
0.02% 41 6 600 0.07% 3
0.04% 80 7 000 0.15% 7
0.02% 38 7 400 0.09% 4
0.17% 325 7 600 0.26% 12
0.25% 469 8 800 0.20% 9
0.11% 212 10 600 0.17% 8
0.05% 93 11 800 0.11% 5
0.05% 86
0.02% 30
0.02% 46
0.01% 16
0.01% 11
0.27% 500
0.01% 19
0.44% 824
0.11% 200
Small Hydropower
2016-2023
Total investment (Bins) Percentage of
Capacity (MW)
2023 USD/kW capacity
600 1.69% 18
1 000 3.23% 35
1 200 1.70% 18
1 400 6.48% 70
1 600 8.91% 97
1 800 9.18% 100
2 000 13.12% 142
2 200 10.94% 119
2 400 7.38% 80
2 600 4.99% 54
2 800 3.52% 38
3 000 3.10% 34
3 200 3.91% 42
3 400 1.59% 17
3 600 1.18% 13
3 800 2.71% 29
4 000 0.28% 3
4 200 1.71% 19
4 400 1.81% 20
4 600 1.19% 13
4 800 0.87% 9
5 000 2.82% 31
5 200 0.52% 6
5 400 0.41% 4
5 600 0.92% 10
6 200 0.03% 0
6 400 0.25% 3
6 600 0.37% 4
6 800 0.74% 8
7 400 0.20% 2
7 600 0.06% 1
7 800 0.04% 0
8 400 1.83% 20
9 200 0.13% 1
9 600 0.00% 0
9 800 0.24% 3
11 200 1.01% 11
15 200 0.18% 2
17 800 0.78% 9
Figure 7.5 Total installed cost by project and capacity weighted averages for large hydropower projects
by country/region, 2010-2023
Region Period 5th percentile Weighted average

Africa 2010-2015 780 2025
Africa 2016-2023 1470 2608
Brazil 2010-2015 1377 2007
Brazil 2016-2023 1215 1707
Central America and the Caribbean 2010-2015 1523 3310
Central America and the Caribbean 2016-2023 1830 3967
China 2010-2015 969 1276
China 2016-2023 1094 2017
Eurasia 2010-2015 1245 1714
Eurasia 2016-2023 1078 2400
Europe 2010-2015 1475 2868
Europe 2016-2023 762 2318
India 2010-2015 1082 1846
India 2016-2023 889 1586
Middle East 2010-2015 653 854
Middle East 2016-2023 1583 2038
North America 2010-2015 1357 3109
North America 2016-2023 1419 6040
Oceania 2010-2015 3053 4401
Oceania 2016-2023 4580 4580
Other Asia 2010-2015 1101 1732
Other Asia 2016-2023 1153 1972
Other South America 2010-2015 1224 2482
Other South America 2016-2023 1766 2583
95th percentile
5861
7283
5160
3474
4569
5100
2006
3977
4888
3555
9646
9199
3064
3139
2568
2898
7958
15788
5007
4580
3285
4261
4565
5977
Figure 7.6 Total installed cost by project and capacity weighted averages for small hydropower projects
by country/region, 2010-2023

Africa 2010-2015 2,961 3,716.08
Africa 2016-2023 2,863 3,897.89
Brazil 2010-2015 1,071 2,661.61
Brazil 2016-2023 1,761 2,454.56
Central America and the Caribbean 2010-2015 2,136 3,363.58
China 2010-2015 943 1,346.33
China 2016-2023 729 1,828.88
Eurasia 2010-2015 1,499 3,642.77
Eurasia 2016-2023 1,571 3,135.19
Europe 2010-2015 1,393 4,219.93
Europe 2016-2023 2,199 3,874.21
India 2010-2015 1,290 2,001.84
India 2016-2023 1,517 2,317.49
Oceania 2010-2015 3,668 3,866.20
Other Asia 2010-2015 1,202 2,040.96
Other Asia 2016-2023 1,321 2,501.56
Other South America 2010-2015 2,241 3,230.32
95th percentile
5,313
5,579
4,004
3,212
4,463
1,761
4,623
6,698
5,065
8,376
8,492
3,333
3,206
4,426
4,114
5,363
4,612
Figure 7.7 Global weighted average capacity factor, 5th and 95th percentile for small and large hydropower, 2010-2023.
Capacity factor
Large Hydropower
5th Weighted 95th
Year
percentile average percentile
2010 31% 44% 61%
2011 30% 44% 65%
2012 31% 46% 66%
2013 32% 50% 66%
2014 34% 50% 74%
2015 32% 51% 80%
2016 30% 50% 68%
2017 23% 47% 70%
2018 25% 45% 74%
2019 36% 48% 70%
2020 29% 45% 73%
2021 36% 45% 65%
2022 40% 47% 68%
2023 37% 53% 69%
Small Hydropower
5th Weighted 95th
Year
percentile average percentile
2010 30% 48% 72%
2011 35% 48% 69%
2012 30% 48% 73%
2013 36% 52% 78%
2014 34% 53% 76%
2015 36% 50% 73%
2016 39% 60% 81%
2017 54% 59% 66%
2018 51% 55% 60%
2019 33% 53% 73%
2020 35% 52% 72%
2021 28% 57% 74%
2022 38% 40% 43%
2023 30% 52% 75%
opower, 2010-2023.
Figure 7.8 Large hydropower project LCOE and capacity weighted averages by country/region, 2010-2023
LCOE (2023 USD/kWh)

Africa 2010-2015 0.023 0.055
Africa 2016-2023 0.036 0.064
Asia 2016-2023 0.059 0.049
Brazil 2010-2015 0.032 0.039
Brazil 2016-2023 0.044 0.043
Central America and the Caribbean 2010-2015 0.040 0.109
China 2010-2015 0.029 0.033
China 2016-2023 0.036 0.044
Eurasia 2010-2015 0.036 0.055
Eurasia 2016-2023 0.030 0.064
Europe 2010-2015 0.061 0.145
Europe 2016-2023 0.025 0.080
India 2010-2015 0.041 0.053
India 2016-2023 0.029 0.047
Middle East 2010-2015 0.051 0.047
Middle East 2016-2023 0.058 0.079
North America 2010-2015 0.066 0.088
North America 2016-2023 0.051 0.098
Oceania 2010-2015 0.104 0.155
Other Asia 2010-2015 0.033 0.051
Other Asia 2016-2023 0.032 0.050
Other South America 2010-2015 0.028 0.051
95th percentile
0.156
0.194
0.059
0.107
0.097
0.258
0.185
0.072
0.128
0.145
0.160
0.402
0.286
0.092
0.104
0.051
0.131
0.215
0.327
0.252
0.093
0.117
0.115
0.160
Figure 7.9 Small hydropower project LCOE and capacity weighted averages by country/region, 2010-2023
LCOE (2023 USD/kWh)

Africa 2010-2015 0.099 0.111
Africa 2016-2023 0.081 0.095
Brazil 2010-2015 0.021 0.062
Brazil 2016-2023 0.055 0.058
China 2010-2015 0.028 0.039
China 2016-2023 0.030 0.051
Eurasia 2010-2015 0.038 0.094
Eurasia 2016-2023 0.038 0.066
Europe 2010-2015 0.041 0.107
Europe 2016-2023 0.084 0.096
India 2010-2015 0.041 0.065
India 2016-2023 0.032 0.070
Other Asia 2010-2015 0.041 0.060
Other Asia 2016-2023 0.032 0.056
95th percentile
0.157
0.140
0.142
0.091
0.120
0.074
0.188
0.230
0.108
0.381
0.283
0.121
0.146
0.114
0.176
0.131
Table 7.1 Total installed cost breakdown by component and capacity-weighted averages for a sample of hydropower projec
Europe 2021
Share of total installed costs (%)
Type of Hydro
Civil Mechanical
Large-scale Reservoir Storage (high head) 70 10
Large-scale Run of river (low head) 50 30
Small-scale Run of river 50 30
Pumped storage 30-50 20-30
es for a sample of hydropower projects in Europe, 2021
al installed costs (%)

Electrical
20
20
20
30-40
Table 7.2: Total installed costs for hydropower by project and weighted average by capacity range, 2000-2023
2000-2023
5th percentile weighted average
Capacity (MW)
(2023 USD/kW) (2023 USD/kW)
0-50 928 1871
51-100 960 2062
101-150 1 021 1958
151-200 931 1927
201-250 996 2120
251-300 935 2337
301-350 1 038 2185
351-400 756 1797
401-450 1 329 2212
451-500 1 076 1687
501-550 1 238 2708
551-600 1 504 2035
601-650 1 185 1617
651-700 883 2192
701-750 1 077 1731
751-800 1 189 1747
801-850 1 314 4119
851-900 1 060 1802
901-950 729 1223
951-1000 2 474 2474
ty range, 2000-2023
95th percentile
(2023 USD/kW)
3 950
4 191
3 865
3 471
3 819
4 280
4 947
3 568
3 378
2 733
4 553
2 876
3 738
2 955
2 397
2 465
12 440
2 066
1 484
2 474
Table 7.3 Hydropower project capacity factors and capacity weighted averages for large hydropower projects by country/r
Large Hydropower
2010-2015 2016-2023
Weighted- average
5th percentile (%) 95th percentile (%) 5th percentile (%)
(%)
Africa 28 47 71 34
Brazil 51 61 80 39
Central America 27 48 63 33
China 31 46 57 38
Eurasia 28 43 61 29
Europe 14 41 70 16
India 29 47 63 21
North America 18 37 78 35
Oceania 25 38 47 n.a.
Other Asia 37 46 65 37
Other South America 46 62 85 46
wer projects by country/region, 2010-2023
2016-2023
Weighted- average
95th percentile (%)
(%)
51 78
46 62
51 55
46 63
42 68
36 59
42 59
55 72
n.a. n.a.
49 74
60 78
Table 7.4 Hydropower project capacity factors and capacity weighted averages for small hydropower projects by country/r
Small Hydropower
2010-2015
5th percentile (%) Weighted- average (%) 95th percentile (%)
Africa 33 56 68
Brazil 42 63 88
Central America 45 59 75
China 33 46 60
Eurasia 44 58 74
Europe 29 52 70
India 28 50 71
Other Asia 37 50 79
Other South America 43 65 82
or small hydropower projects by country/region, 2010-2023
2016-2023
5th percentile (%) Weighted- average (%) 95th percentile (%)
51 55 65
49 54 59
n.a. n.a. n.a.
38 40 43
43 58 71
28 43 66
34 48 60
36 58 79
37 37 37
Table 7.5 Hydropower O&M cost breakdown by project for a sample of 25 projects
Share of total O&M costs (%)

Project Component
Minimum Weighted average Maximum
Operation costs 20 46 61
Salary 13 35 74
Other 5 15 28
Material 3 4 4
Contents
Figure 8.1 Global weighted average total installed costs, capacity factors and LCOEs for geothermal, 2010-2023
Geothermal 2010-2023

2010 2012 2013 2014
5th percentile 1909 3475 2497 2278
Weighted average 3011 6112 4399 4152
95th percentile 5321 15337 14282 9801
Capacity factor (%)

2010 2012 2013 2014
5th percentile 80.0% 76.3% 73.1% 49.6%
Weighted average 87.0% 83.3% 82.4% 84.1%
95th percentile 92.2% 94.1% 91.2% 91.1%
LCOE (2023 USD/kWh)

2010 2012 2013 2014
5th percentile 0.040 0.061 0.042 0.048
Weighted average 0.054 0.093 0.069 0.071
95th percentile 0.084 0.178 0.187 0.241
ermal, 2010-2023
2015 2016 2017 2018 2019 2020 2021 2022

2758 2729 2090 3709 2352 1980 2488 2495
4066 4271 4453 4794 4614 4194 4458 3606
8332 8163 7837 9880 11940 7308 6761 9088
2015 2016 2017 2018 2019 2020 2021 2022

77.2% 58.7% 58.8% 62.1% 74.0% 75.9% 58.4% 69.0%
89.0% 84.9% 81.0% 84.3% 79.4% 80.8% 77.0% 85.3%
92.7% 90.1% 90.0% 96.3% 86.3% 91.2% 91.3% 89.6%
2015 2016 2017 2018 2019 2020 2021 2022

0.050 0.057 0.042 0.060 0.049 0.040 0.040 0.047
0.064 0.074 0.077 0.074 0.073 0.062 0.074 0.058
0.115 0.125 0.140 0.163 0.139 0.094 0.108 0.126
2023
3413
4589
6595
2023
73.4%
82.1%
86.8%
2023
0.053
0.071
0.094
Figure 8.2 Geothermal power total installed costs by project, technology and capacity, 2007-2023

Geothermal
2007 2426 2426 2426
2008 1628 3702 5031
2009 3993 6406 40457
2010 1909 3011 5321
2012 3475 6112 15337
2013 2497 4399 14282
2014 2278 4152 9801
2015 2758 4066 8332
2016 2729 4271 8163
2017 2090 4453 7837
2018 3709 4794 9880
2019 2352 4614 11940
2020 1980 4194 7308
2021 2488 4458 6761
2022 2495 3606 9088
2023 3413 4589 6595
Figure 8.3 Capacity factors of geothermal power plants by technology and project size, 2007-2023
Capacity factors (%)

Geothermal
2007 80.0% 80.0% 80.0%
2008 82.1% 88.3% 90.0%
2009 69.6% 73.1% 82.1%
2010 80.0% 87.0% 92.2%
2012 76.3% 83.3% 94.1%
2013 73.1% 82.4% 91.2%
2014 49.6% 84.1% 91.1%
2015 77.2% 89.0% 92.7%
2016 58.7% 84.9% 90.1%
2017 58.8% 81.0% 90.0%
2018 62.1% 84.3% 96.3%
2019 74.0% 79.4% 86.3%
2020 75.9% 80.8% 91.2%
2021 58.4% 77.0% 91.3%
2022 69.0% 85.3% 89.6%
2023 73.4% 82.1% 86.8%
Figure 8.4 LCOE of geothermal power projects by technology and project size, 2007-2023
LCOE (2023 USD/kWh)

Geothermal
2007 0.054 0.054 0.054
2008 0.040 0.060 0.072
2009 0.077 0.104 0.515
2010 0.040 0.054 0.084
2012 0.061 0.093 0.178
2013 0.042 0.069 0.187
2014 0.048 0.071 0.241
2015 0.050 0.064 0.115
2016 0.057 0.074 0.125
2017 0.042 0.077 0.140
2018 0.060 0.074 0.163
2019 0.049 0.073 0.139
2020 0.040 0.062 0.094
2021 0.040 0.074 0.108
2022 0.047 0.058 0.126
2023 0.053 0.071 0.094
Contents
Figure 9.1 Global weighted average total installed costs, capacity factors and LCOEs for bioenergy, 2010-2023
Bioenergy 2010-2023

2010 2011 2012 2013 2014
5th percentile 818 586 890 1096 315
95th percentile 5617 5965 5268 9278 13506
Capacity factor (%)

2010 2011 2012 2013 2014
5th percentile 31% 37% 42% 41% 47%
Weighted average 72% 72% 67% 74% 75%
95th percentile 92% 93% 89% 93% 93%
LCOE (2023 USD/kWh)

2010 2011 2012 2013 2014
5th percentile 0.042 0.039 0.040 0.050 0.034
95th percentile 0.158 0.173 0.147 0.190 0.302
2010-2023
2015 2016 2017 2018 2019 2020 2021 2022 2023

1062 1309 1506 1193 1431 1240 1858 1071 877
3011 2530 3370 1970 2572 2923 2611 2242 2730
18627 14982 11482 10350 12704 6878 12136 6163 4596
2015 2016 2017 2018 2019 2020 2021 2022 2023

63% 60% 65% 44% 62% 51% 60% 45% 59%
75% 67% 86% 76% 70% 70% 68% 72% 72%
93% 89% 94% 93% 94% 88% 82% 90% 83%
2015 2016 2017 2018 2019 2020 2021 2022 2023

0.042 0.061 0.061 0.022 0.060 0.047 0.071 0.052 0.056
0.078 0.077 0.076 0.059 0.069 0.078 0.072 0.063 0.072
0.340 0.277 0.231 0.284 0.282 0.174 0.189 0.143 0.135
Figure 9.2 Total installed costs of bioenergy power generation projects by selected feedstocks and
country/region, 2000-2023

Bioenergy
Bagasse
Region 5th percentile Weighted average
China 1,462 1,733.62
Europe 4,095 4,442.54
India 593 1,124.18
North America 463 1,019.12
Rest of the world 454 1,938.65
ed feedstocks and
e Landfill gas Other vegetal an

95th percentile 5th percentile Weighted average 95th percentile 5th percentile
1,934 1,459 3,173.84 4,792 1,094
6,378 3,937 3,956.00 4,058 758
2,231 2,017 2,909.51 5,050 896
1,489 717 2,917.90 5,491 3,607
5,285 1,005 2,694.47 5,373 613
Other vegetal and agricultural waste Rice husks
Weighted average 95th percentile 5th percentile Weighted average
1,623.80 2,182 728 1,552.44
3,667.71 6,962
1,396.04 2,076 690 1,275.74
5,188.79 6,254
1,805.30 4,105 1,806 2,375.53
usks Wood waste Renewable Municipal W
95th percentile 5th percentile Weighted average 95th percentile 5th percentile
2,114 921 1,535.66 3,490 2,112
2,635 4,787.86 7,680 1,435
1,949 666 1,182.74 1,509 1,293
2,057 4,454.73 7,221 3,010
4,028 637 3,384.71 6,780 1,290
Renewable Municipal Waste
Weighted average 95th percentile
3,772.28 5,683
4,833.50 7,719
1,773.18 2,583
4,232.99 6,978
2,695.56 3,361
Figure 9.3 Total installed costs of bioenergy power generation projects for different capacity ranges by
Bioenergy
Bin size (MW) China Europe India

5th percentile 1,461 583 2,730
0-5 Weighted average 2,529.89 1,831.40 5,091.64
95th percentile 4,560 4,524 7,654
95th percentile 6,574 2,232 7,520
95th percentile 4,277 2,643 7,765
5th percentile 1,028 883 614
95th percentile 4,653 2,587 5,433
5th percentile 714 661 3,290
95th percentile 3,752 1,586 6,957
95th percentile 2,163 1,422 4,616
30-35 Weighted average 1,704.52 823.95 5,595.62
95th percentile 2,045 893 7,778
5th percentile 489 1,779 2,121
95th percentile 3,732 1,779 7,166
40-45 Weighted average 4,009.86 965.94 4,914.13
95th percentile 4,010 1,373 7,253
5th percentile 1,578 1,239 2,227
95th percentile 1,805 1,239 7,593
5th percentile 1,047 2,901
50-55 Weighted average 1,775.45 3,740.31
95th percentile 3,284 4,931
5th percentile 4,763
55 Weighted average 4,762.92
95th percentile 4,763
acity ranges by
North America Rest of the world

687 892
3,298.00 2,718.32
5,782 5,932
1,476 678
3,061.89 2,390.05
6,051 4,637
1,567 657
4,013.43 2,235.03
6,351 5,956
3,164 987
4,107.71 3,566.29
5,775 6,660
697 682
2,979.84 3,049.14
5,142 5,610
1,648 657
2,829.96 2,273.38
4,701 4,351
4,185 1,354
5,623.02 2,799.38
7,061 6,482
5,124 683
6,297.17 1,888.66
7,418 3,864
2,778 471
4,905.78 1,488.48
6,879 2,424
4,510 4,728
4,719.99 5,018.85
4,930 5,452
2,558 1,218
4,070.28 3,078.03
6,383 5,361
Figure 9.4 Project capacity factors and weighted averages of selected feedstocks for bioenergy power generation
projects by country and region, 2000-2023
Capacity factors (%)

Bioenergy
China Europe India
5th percentile 54% 82% 25%
Bagasse Weighted average 59% 82% 51%
Landfill gas Weighted average 57% 84% 59%
Other vegetal and agricultural waste Weighted average 63% 85% 68%
Rice husks Weighted average 61% 72%
Wood waste Weighted average 68% 80% 73%
Renewable Municipal Waste Weighted average 62% 77% 75%
power generation
North America Rest of the world

39% 25%
39% 51%
39% 83%
50% 29%
73% 61%
93% 93%
93% 57%
93% 76%
95% 91%
65%
79%
90%
66% 49%
88% 77%
93% 91%
47% 75%
60% 76%
93% 79%
Figure 9.5 LCOE by project and weighted averages of bioenergy power generation projects by feedstock and
LCOE (2023 USD/kWh)
Bioenergy
China 0.047 0.063 0.128
Europe 0.055 0.095 0.233
India 0.041 0.062 0.112
North America 0.051 0.104 0.202
Rest of the world 0.043 0.076 0.160
edstock and
Figure 9.6 LCOE and capacity factor by project of selected feedstocks for bioenergy power generation projects,
2000-2023
Selected feedstock project capacity factor (%) and LCOE (2023 USD/kWh)
Bioenergy
Capacity LCOE
Product factor (%) (2023 USD/kWh)
Bagasse 98% 0.038
Bagasse 94% 0.082
Bagasse 92% 0.181
Bagasse 91% 0.126
Bagasse 90% 0.048
Bagasse 90% 0.034
Bagasse 90% 0.092
Bagasse 85% 0.055
Bagasse 83% 0.059
Bagasse 82% 0.047
Bagasse 82% 0.035
Bagasse 82% 0.112
Bagasse 82% 0.094
Bagasse 82% 0.093
Bagasse 82% 0.092
Bagasse 82% 0.091
Bagasse 82% 0.091
Bagasse 82% 0.090
Bagasse 82% 0.049
Bagasse 79% 0.048
Bagasse 76% 0.050
Bagasse 75% 0.119
Bagasse 75% 0.131
Bagasse 72% 0.080
Bagasse 72% 0.054
Bagasse 71% 0.059
Bagasse 70% 0.053
Bagasse 70% 0.040
Bagasse 70% 0.034
Bagasse 68% 0.104
Bagasse 65% 0.048
Bagasse 65% 0.054
Bagasse 64% 0.060
Bagasse 64% 0.058
Bagasse 63% 0.067
Bagasse 63% 0.073
Bagasse 62% 0.072
Bagasse 62% 0.066
Bagasse 62% 0.093
Bagasse 61% 0.064
Bagasse 61% 0.064
Bagasse 60% 0.064
Bagasse 60% 0.062
Bagasse 60% 0.197
Bagasse 60% 0.079
Bagasse 60% 0.067
Bagasse 60% 0.060
Bagasse 60% 0.045
Bagasse 60% 0.087
Bagasse 59% 0.044
Bagasse 59% 0.043
Bagasse 57% 0.048
Bagasse 56% 0.057
Bagasse 54% 0.061
Bagasse 54% 0.060
Bagasse 52% 0.057
Bagasse 52% 0.077
Bagasse 52% 0.039
Bagasse 51% 0.070
Bagasse 51% 0.051
Bagasse 49% 0.063
Bagasse 49% 0.082
Bagasse 49% 0.172
Bagasse 49% 0.125
Bagasse 46% 0.082
Bagasse 46% 0.086
Bagasse 45% 0.066
Bagasse 45% 0.131
Bagasse 44% 0.077
Bagasse 44% 0.078
Bagasse 44% 0.039
Bagasse 44% 0.039
Bagasse 44% 0.044
Bagasse 41% 0.074
Bagasse 41% 0.072
Bagasse 41% 0.071
Bagasse 41% 0.069
Bagasse 40% 0.050
Bagasse 40% 0.060
Bagasse 39% 0.073
Bagasse 39% 0.072
Bagasse 39% 0.065
Bagasse 39% 0.059
Bagasse 39% 0.077
Bagasse 38% 0.073
Bagasse 34% 0.047
Bagasse 34% 0.089
Bagasse 32% 0.076
Bagasse 32% 0.075
Bagasse 32% 0.056
Bagasse 32% 0.056
Bagasse 30% 0.069
Bagasse 30% 0.086
Bagasse 30% 0.074
Bagasse 28% 0.062
Bagasse 28% 0.097
Bagasse 27% 0.057
Bagasse 26% 0.049
Bagasse 26% 0.064
Bagasse 25% 0.050
Bagasse 23% 0.090
Bagasse 19% 0.078
Bagasse 16% 0.156
Bagasse 16% 0.230
Bagasse 16% 0.114
Bagasse 14% 0.279
Landfill gas 100% 0.113
Other vegetal and agricultural waste 96% 0.098
Rice husks 92% 0.073
Renewable Municipal Waste 93% 0.207
Wood waste 95% 0.069
ration projects,
Table 9.1: Project weighted average capacity factors of bioenergy fired power generation projects, 2000-2022
2000-2023
5 percentile (%)
th
Weighted average (%)
China 44 66
Europe 57 81
India 35 68
North America 50 85
Rest of the world 37 68
ects, 2000-2022
2023
95 percentile (%)
th
80
91
90
93
91
Contents
Table A1 Standardised assumptions for LCOE calculations
Technology Economic life (years) Weighted average cost of capital (real)

OECD and China
Wind power 25
Solar PV 25
CSP 25 7.5% in 2010 falling to 5%
Hydropower 30 in 2020
Biomass for power 20
Geothermal 25
ed average cost of capital (real)
Rest of the world
10% in 2010 falling to 7.5%

in 2020
Figure A1 Country and technology-specific real after-tax WACC assumptions for 2023
Country Solar PV Country

Algeria 12.7% Algeria
Argentina 20.8% Argentina
Australia 4.3% Australia
Austria 4.9% Austria
Azerbaijan 9.3% Azerbaijan
Bangladesh 9.9% Bangladesh
Belarus 21.7% Belarus
Belgium 3.3% Belgium
Bolivia 12.8% Bolivia
Bosnia and Herzegovina 15.3% Bosnia and Herzegovina
Brazil 9.1% Brazil
Bulgaria 7.1% Bulgaria
Burkina Faso 11.0% Burkina Faso
Canada 5.9% Canada
Chile 5.4% Chile
China 3.0% China
Colombia 8.0% Colombia
Costa Rica 9.7% Costa Rica
Croatia 7.1% Croatia
Cuba 21.2% Cuba
Cyprus 7.1% Cyprus
Czechia 5.4% Czechia
Denmark 3.6% Denmark
Dominican Republic 8.4% Dominican Republic
Ecuador 18.4% Ecuador
Egypt 13.0% Egypt
El Salvador 13.3% El Salvador
Estonia 7.0% Estonia
Ethiopia 16.6% Ethiopia
Finland 6.6% Finland
France 3.2% France
Germany 2.5% Germany
Ghana 20.8% Ghana
Greece 6.6% Greece
Guatemala 9.1% Guatemala
Honduras 8.0% Honduras
Hungary 5.6% Hungary
India 8.4% India
Indonesia 8.5% Indonesia
Iran 14.9% Iran
Iraq 14.3% Iraq
Ireland 7.4% Ireland
Israel 5.4% Israel
Italy 5.1% Italy
Jamaica 10.9% Jamaica
Japan 3.7% Japan
Jordan 11.9% Jordan
Kazakhstan 8.6% Kazakhstan
Kenya 12.4% Kenya
Kuwait 7.2% Kuwait
Latvia 7.7% Latvia
Lebanon 24.8% Lebanon
Lithuania 7.4% Lithuania
Luxembourg 4.5% Luxembourg
Malaysia 7.5% Malaysia
Malta 3.2% Malta
Mauritius 7.6% Mauritius
Mexico 9.9% Mexico
Mongolia 12.0% Mongolia
Montenegro 12.7% Montenegro
Morocco 9.3% Morocco
Myanmar 23.0% Myanmar
Namibia 7.5% Namibia
Netherlands 2.7% Netherlands
New Zealand 5.8% New Zealand
Nicaragua 13.6% Nicaragua
Norway 6.1% Norway
Pakistan 14.9% Pakistan
Panama 6.7% Panama
Peru 7.7% Peru
Philippines 8.1% Philippines
Poland 5.7% Poland
Portugal 6.2% Portugal
Romania 7.5% Romania
Russia 15.7% Russia
Rwanda 8.7% Rwanda
Saudi Arabia 7.0% Saudi Arabia
Senegal 6.8% Senegal
Singapore 6.2% Singapore
Slovakia 5.6% Slovakia
Slovenia 6.2% Slovenia
South Africa 7.8% South Africa
Spain 5.9% Spain
Sri Lanka 21.0% Sri Lanka
Sweden 4.6% Sweden
Switzerland 3.0% Switzerland
Taiwan 5.4% Taiwan
Thailand 6.6% Thailand
Tunisia 16.2% Tunisia
Türkiye 12.5% Türkiye
Uganda 10.4% Uganda
UK 3.6% UK
Ukraine 19.1% Ukraine
United Arab Emirates 7.6% United Arab Emirates
Uruguay 6.7% Uruguay
USA 5.9% USA
Venezuela 22.4% Venezuela
Viet Nam 8.3% Viet Nam
Yemen 25.4% Yemen
Onshore wind Country Offshore wind
12.7% Belgium 5.2%
20.8% China 6.1%
4.3% Denmark 2.8%
4.1% France 6.5%
9.3% Germany 4.3%
9.9% Italy 8.7%
21.7% Japan 6.6%
5.2% Korea 6.6%
12.8% Norway 6.1%
15.3% Poland 7.3%
7.4% Sweden 6.1%
6.3% Taiwan 6.9%
15.0% UK 3.6%
4.4% USA 5.9%
6.5% Viet Nam 10.0%
3.0%
8.0%
8.7%
7.3%
21.2%
6.6%
6.9%
2.8%
10.2%
18.4%
13.0%
17.8%
7.0%
12.3%
3.3%
3.2%
2.5%
20.8%
6.6%
9.1%
9.7%
5.6%
8.4%
8.5%
14.9%
14.3%
4.4%
6.9%
5.5%
10.9%
6.6%
11.9%
8.6%
8.7%
7.2%
7.7%
24.8%
4.0%
4.5%
7.5%
6.6%
9.2%
6.0%
10.2%
8.8%
8.7%
23.0%
11.0%
3.7%
4.4%
9.7%
6.1%
14.9%
6.7%
7.7%
8.1%
5.0%
5.0%
8.4%
15.7%
12.4%
7.0%
10.1%
6.2%
7.2%
7.7%
9.5%
5.2%
21.0%
5.0%
6.3%
6.9%
8.2%
16.2%
12.5%
12.4%
4.4%
19.1%
7.6%
5.2%
4.4%
22.4%
7.2%
30.2%
Table A3 O&M cost assumptions for the LCOE calculation of onshore wind projects
Country
Sweden
Ireland
Germany
Denmark
United States
Norway
Japan
Brazil
Canada
Mexico
Spain
United Kingdom
France
China
India
Australia
Other OECD
Other non-OECD
of onshore wind projects
2023 USD/kW/year
40
33
47
35
40
39
88
26
35
43
25
36
46
26
20
34
40
33
Table A4 O&M cost assumptions for the LCOE calculation of PV projects
OECD
Year 2023 USD/kW/year
2010 27.1
2011 24
2012 23.4
2013 22.9
2014 22.4
2015 21.7
2016 21.1
2017 21.5
2018 20.1
2019 19.2
2020 18.2
2021 18.2
2022 17.8
Non-OECD
2023 USD/kW/year
25.6
23.5
18.2
15.3
13.7
12.4
11.3
10.9
10.4
9.9
9.6
9.6
9.2
Table A5 O&M cost assumptions for the LCOE calculation of offshore wind projects
Country
Belgium
Denmark
Netherlands
Germany
United Kingdom
France
China
United States
Japan
Other OECD
Other non-OECD
of offshore wind projects
2023 USD/kW/year
76
69
80
77
74
80
52
70
127
75
62

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Renewable Power Generation Costs in 2023

This file contains data from the above mentioned report.

Total installed costs Capacity factor Levelised cost of electricity

Concentrated solar power

By region USD billion in savings

LCOE Year-on-year percentage change 2022-2023

Solar photovoltaic Offshore wind Onshore wind

2023 USD/kWh Solar photovoltaic

Concentrated solar power Fossil fuel cost range

Technology Africa Asia

Central America and the Eurasia Europe Middle East

Year Ocean/tidal/wave Geothermal

Solar photovoltaic Offshore wind

2023 USD/kWh Solar photovoltaic

Concentrated solar power Fossil fuel cost range

Capacity factor 2010

Total installed costs 2010

2011 2012 2013 2014 2015 2016 2017 2018 2019

2011 2012 2013 2014 2015 2016 2017 2018 2019

2011 2012 2013 2014 2015 2016 2017 2018 2019

2020 2021 2022 2023

2020 2021 2022 2023

2021 2022 2023

Note: 'c.' represents data subject to permission of the rights holder

Fossil gas prices (2023 USD/MWh)

Coal prices (2023 USD/MWh)

2010 2011 2012 2013 2014 2015

Total 35.8 51.1 81.6 53.4 57.5 66.4

2010 2011 2012 2013 2014 2015

Total 39.3 43.5 110.2 89.3 62.0 85.5

42.9 68.5 126.0 130.3 173.2 208.0 215.1 373.5

2016 2017 2018 2019 2020 2021 2022 2023

101.8 89.3 30.2 26.7 43.7 16.9 3.0 8.0

TWh from annual new capacity added

Net savings (2023 USD billion)

2010.00 2011.00 2012.00

Argentina Australia Brazil

Canada China France Germany India Indonesia Italy

Change in competitiveness metric (2023 USD/kWh)

2013 2014 2015 2016 2017 2018 2019 2020

Change in competitiveness metric (2023 USD/kWh)

2015 2016 2017 2018 2019 2020 2021 2022

Cumulative Deployment (MW) 2023 USD/kW

Year Cumulative Deployment (MW)

Fuel only cost saving (2023 USD billion)

Fuel only cost saving(USD billion) for RE MWH

Fuel only cost saving (2023 USD billion)

Fuel only cost saving(USD billion) for RE MWH

Deployment per capita (MW/100

Total installed cost (2023

Capacity factor (%)

LCOE (2023 USD/kWh)

2016 2017 2018 2019 2020 2021 2022 2023

2016 2017 2018 2019 2020 2021 2022 2023

2016 2017 2018 2019 2020 2021 2022 2023

Wind turbine characteristics

Date United States United States2 United States3 Chinese turbine

Total installed costs (2023 USD/kW)

Weighted average total installed costs (2023 USD/kW)