The cost of PV has decreased significantly, and the trend continues

In 2021, the new installed capacity of photovoltaic is about 170-180GW, and the total amount is close to 1000GW. The top three countries in per capita installed capacity are Germany, Japan and Spain. The average annual growth rate of new PV installed capacity in the world is about 40%.

Cost: The cost of PV has decreased significantly, and the trend continues

Technological progress and industrial scale promote the rapid decline of LCOE and PPA. From 2010 to 2019, the efficiency of single crystal cells increased from 17.5% to 22.3%. The industrial scale has greatly reduced the construction cost of photovoltaic power stations, among which, photovoltaic grade polysilicon has been reduced from $52 / kg in 2011 to about $7/1000g in 2022. China PV LCOE in 2019 is about 0.054USD/kWh.