The global weighted-average
Levelized Cost of Electricity (LCOE) of newly commissioned utility-scale solar PV projects declined from USD 0.445/kWh to
USD 0.049/kWh between 2010 and 2022 – a decrease of 89%.
At the same time the cost of electricity generated by power plants burning fossil fuels stayed in the range USD 0.080/kWh to USD 0.240/kWh.
