South Korea to build World largest floating solar facility in 2024
Levelized cost of electricity (LCOE) has registered a significant decline in the Asia Pacific region, registering a record low in 2023. The decline has led to renewable energy generation becoming more competitive with conventional energy sources (i.e. coal). Cost of Utility based Solar PV has decreased to such an extent, it is now the cheapest power source in the region. Currently, renewable energy sources are now 13% cheaper than coal. This is then expected to rise to 32% by 2030.
China is currently the leading power in lowering the cost of renewables. Utility PV, Onshore Wind, and Offshore Wind is between 40-70% cheaper in China compared to other Asian markets.
Solar PV remains the dominant technology in the renewable transition. In 2023, Solar PV cost decreased by 23%. The decline in price has led to Utility Scale PV becoming the cheapest power source in multiple countries. This will have a domino effect with the cost of new build solar projects expected to decline a further 20% by 2030. Overall, Utility Solar PV has dropped by an average of 23% across the Asia Pacific region in 2023; ultimately driven by a 29% decline in capital cost. Distributed solar’s decrease is even greater, registering a 26% decrease in 2023 which is now 12% cheaper than average residential sources.
The continuous decline has led to Solar’s price reaching an historic low in the Asia Pacific region in 2023. With prices in fossil fuels rising by 12% and Wind power being 38% higher than solar, solar power remains the most appealing form of electricity generation in the Asia Pacific region.
(Image Credit: Open Access Government)
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