![]() ![]() ![]() The lifetime cost per kWh of new solar and wind capacity added in Europe in 2021 will average at least four to six times less than the marginal generating costs of fossil fuels in 2022.The benefits from renewables in 2022 will be unprecedented, given the fossil fuel price crisis: See the interactive infographic on how Competitiveness of Renewables Continued amid the Fossil Fuel Crisis. ![]() The global weighted average LCOE of newly commissioned utility‑scale solar PV projects declined by 88% between 2010 andĢ021, whilst that of onshore wind fell by 68%, CSP by 68% and offshore wind by 60%. The period 2010 to 2021 has witnessed a seismic improvement in the competitiveness of renewables. With only one concentrating solar power (CSP) plant commissioned in 2021, the LCOE rose 7% year-on-year to USD 0.114/kWh. The global weighted average levelised cost of electricity (LCOE) of new onshore wind projects added in 2021 fell by 15%, year‑on‑year, to USD 0.033/kWh, while that of new utility-scale solar PV fell by 13% year-on-year to USD 0.048/kWh and that of offshore wind declined 13% to USD 0.075/kWh. This was despite rising materials and equipment costs, given that there is a significant lag in the pass through to total installed costs. The global weighted average cost of newly commissioned solar photovoltaic (PV), onshore and offshore wind power projects fell in 2021. The Executive Summary is also available in in Arabic ( عربي), Chinese ( 中文), French ( Français), German ( Deutsch), Russian ( Русский) and Spanish ( español). ![]()
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