Between 2010 and 2022, the average installed cost of photovoltaics worldwide declined steadily due to the widespread availability of materials, which reduced production expenses. In 2022, the average installed cost of solar PV systems stood at 876 U.S. dollars per kilowatt. Likewise, the levelized cost of electricity (LCOE) for solar photovoltaics has seen a similar trend over the past decade.
Solar photovoltaic technology
Solar cells, also known as photovoltaic (PV) cells, can absorb sunlight and convert it into electrical energy. They are made of different semiconductor materials with specific characteristics. Silicon as the primary semiconductor has a maximum theoretical efficiency at around 32 percent, this has prompted researching new materials and designs to enhance PV performance. Currently, China is by far the leading producer of solar PV modules across the globe.
Solar PV energy worldwide
In recent years, solar PV accounted for 4.5 percent of the global electricity generation, with the renewables being dominated by hydropower. Despite fossil fuels remaining as the largest contributor to electricity generation representing some 60 percent of the global share, renewable sources are projected to grow in the following years, accounting for more than half of the world’s power generation by 2050.
Average installed cost for solar photovoltaics worldwide from 2010 to 2022
(in U.S. dollars per kilowatt)
Characteristic
Cost in U.S. dollars per kilowatt installed
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IRENA. (August 29, 2023). Average installed cost for solar photovoltaics worldwide from 2010 to 2022 (in U.S. dollars per kilowatt) [Graph]. In Statista. Retrieved July 03, 2024, from https://www.statista.com/statistics/809796/global-solar-power-installation-cost-per-kilowatt/
IRENA. "Average installed cost for solar photovoltaics worldwide from 2010 to 2022 (in U.S. dollars per kilowatt)." Chart. August 29, 2023. Statista. Accessed July 03, 2024. https://www.statista.com/statistics/809796/global-solar-power-installation-cost-per-kilowatt/
IRENA. (2023). Average installed cost for solar photovoltaics worldwide from 2010 to 2022 (in U.S. dollars per kilowatt). Statista. Statista Inc.. Accessed: July 03, 2024. https://www.statista.com/statistics/809796/global-solar-power-installation-cost-per-kilowatt/
IRENA. "Average Installed Cost for Solar Photovoltaics Worldwide from 2010 to 2022 (in U.S. Dollars per Kilowatt)." Statista, Statista Inc., 29 Aug 2023, https://www.statista.com/statistics/809796/global-solar-power-installation-cost-per-kilowatt/
IRENA, Average installed cost for solar photovoltaics worldwide from 2010 to 2022 (in U.S. dollars per kilowatt) Statista, https://www.statista.com/statistics/809796/global-solar-power-installation-cost-per-kilowatt/ (last visited July 03, 2024)
Average installed cost for solar photovoltaics worldwide from 2010 to 2022 (in U.S. dollars per kilowatt) [Graph], IRENA, August 29, 2023. [Online]. Available: https://www.statista.com/statistics/809796/global-solar-power-installation-cost-per-kilowatt/