WEMO24-Compiled Report-Interactive compressed (002) 4154-7882-8116 v.1 - Flipbook - Page 229
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LCOE
FIGURE 17
Levelized Cost of Energy Comparison - Historical Renewable Energy LCOE
Wind-Onshore
Solar PV - Utilty
Wind-Onshore 2009-2023 Percentage Decrease/CAGR: (65%)(1)(7%)(2)
LCOE
($/MWH)
Solar PV - Utility 2009-2023 Percentage Decrease CAGR: (83%)(1)(12%)(2)
LCOE
($/MWH)
Wind-Onshore 2009-2023 Percentage Decrease/CAGR: (65%)(1)(7%)(2)
Solar PV - Utility 2009-2023 Percentage increase CAGR: 5%(1)(1%)(2)
$250
$250
$394
200
200
$169
$323
$148
$270
150
$226
$92
$95
$95
100
$81
$101 $99
$77
$75
$62
$60
$56
$54
$54
50
$50
$149
$73
$32
$32
$104
$148
$86
$50
50
$101
$48 $45
$37
$96
$70
$61
$91
$53
$30
$29
$28
$26
$26
$24
$58
$27
$49
$46
0
2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2023 2024
3.0
4.0
5.0
6.0
7.0
8.0
9.0
10.0
$49
$44
$42
$41
$40
$36
$31
$30
$92
$72
0
LCOE
Version
$166
11.0
Wind-Onshore LCOE Range
12.0
13.0 14.0
15.0
16.0
17.0
Wind-Onshore LCOE Average
Note: (1) Re昀氀ects the average percentage increase (decrease) of the high end and low end of the LCOE range.
(2) Re昀氀ects the average compounded annual rate of decline of the high end and low end of the LCOE range.
Source: 2024 Lazard’s Levelized Cost of Energy Analysis
$24
$29
2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2023 2024
LCOE
Version
3.0
4.0
5.0
6.0
7.0
8.0
Solar PV - Utility LCOE Range
9.0
10.0
11.0
12.0
13.0 14.0
15.0
16.0
Solar PV - Utility LCOE Average
17.0
While the low end of the LCOE for both
wind and solar has increased slightly,
re昀氀ecting current market conditions,
the average has remained nearly 昀氀at
and the overall range has narrowed,
re昀氀ecting, among other things, reconciliation of the supply chain challenges
that were notable last year
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