Within a decade, if not a few years, the levelized cost of electricity is coming way down for new utility-scale onshore wind and solar photovoltaic (PV) projects to levels below all fossil or conventional fuels including combined cycle gas turbine (CCGT) power plants, according to new figures from the U.S. Energy Information Administration.
The EIA’s newly added table compares revenues to costs for all utility-scale form of power generation in the coming years. Using a forecast from 2023 to 2050, the projection shows the levelized cost of electricity (LCOE) for CCGT facilities rising from about $35 to more than $40, while solar PV falls from $30 to about $25.
