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With equated payment loan, the levelized generation cost of solar PV electricity in base year is 28.92 ¢/kWh and it remains same up to 30th year. However, for graduated payment loan with 4% escalation in loan installments, the generation cost of solar PV electricity varies from 17.33 ¢/kWh in base year to 54.06 ¢/kWh in 30th year.
Between 2022 and 2023, utility-scale solar PV projects showed the most significant decrease (by 12%). For newly commissioned onshore wind projects, the global weighted average LCOE fell by 3% year-on-year; whilst for offshore wind, the cost of electricity of new projects decreased by 7% compared to 2022.
The cost of PV electricity is currently at about 149 ₤/MWh for the smallest-scale and 51 ₤/MWh for large-scale PV systems, already lower than the wholesale price of electricity, with PV systems predicted to get cheaper by 40%–50% until 2035.
From our results below, it is clear that the cost of UK solar PV electricity is quickly decreasing over time, across all PV system sizes for both approaches used. Although the cost decrease is slowing down over time, it is still very significant, even in the last several years.
The global weighted average cost of newly commissioned solar photovoltaic (PV), onshore and offshore wind power projects fell in 2021. This was despite rising materials and equipment costs, given that there is a significant lag in the pass through to total installed costs.
These results bring out the effect of graduated payment loan on the generation cost of solar PV electricity in different years. With equated payment loan, the levelized generation cost of solar PV electricity in base year is 28.92 ¢/kWh and it remains same up to 30th year.
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