India's levelised cost of electricity (LCOE) using solar photovoltaic has fallen to $38 per megawatt-hour (MWh) this year, 14% cheaper than coal-fired power that has traditionally been the cheapest source of power generation, WoodMac said.
* LCOE comprises the cost of generating a megawatt-hour (MWh) of electricity, the upfront capital and development cost and the cost of equity and debt finance and operating and maintenance fees.
* "India is the second-largest power market in Asia Pacific with installed power capacity of 421 gigawatts (GW). Solar capacity is expected to reach 38 GW this year," WoodMac research director Alex Whitworth said.
* "High-quality solar resources, market scale and competition have pushed solar costs down to half the level seen in many other Asia Pacific countries." * India wants to have 175 GW of renewable-based installed power capacity by 2022.
* Australia, which ranks second in terms of low renewable costs, will see solar powerto be cost-competitive against coal next year, the consultancy said.
* Solar LCOE has fallen 42% in the past three years and will reach $48/MWh in 2020, beating out all fossil fuel competitors, WoodMac added.
Sign Up for Newsletter
Sign up to receive our free newsletters!
We do not spam. We value your privacy!