WEMO24-Compiled Report-Interactive compressed (002) 4154-7882-8116 v.1 - Flipbook - Page 280
Market Data
Customers
ENERGY IN
THE REGIONS
HOME
Solar panel cost, average EV cost, average cost of electricity
Panel production costs in Europe stood significantly higher than that in China
• Panel Production costs in Europe stood at
around 0.23 $/Watt in 2023, signi昀椀cantly higher
than that in China.
FIGURE 5
Solar Panel Production Costs In Different Regions, in $/Watt, In 2023
Germany
0.21
0.23
Europe
WEMO 2024
0.15
280
Source: Asia昀椀nancial, Thecooldown, Bruegel
• If nothing changes, this expansion will be based
almost exclusively on solar panels imported
from China, which supplies over 95 percent of
solar panels used in the EU. This dependence has
raised concerns about EU economic security and
geopolitical vulnerabilities, especially in light of
recent global disruption.
0.24
USA
China
• The European Union plans a major increase in
solar PV capacity from 263 GW (as of 2023) to
almost 600 GW by 2030.
