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The capital investment costs, fixed and variable costs, and the average capacity factor of utility-scale wind and photovoltaic electricity supplies from 2000 to 2018 have been obtained using overall variable renewable electricity production of the countries in the Middle East and 81 examined projects.
Decreasing costs has allowed PV to grow as an energy source. This has been partially driven by massive Chinese government investment in developing solar production capacity since 2000, and achieving economies of scale. Improvements in manufacturing technology and efficiency have also led to decreasing costs.
An insolation map of the United States with installed PV capacity, 2019. A 2012 report from the National Renewable Energy Laboratory (NREL) described technically available renewable energy resources for each state and estimated that urban utility-scale photovoltaics could supply 2,232 TWh/year, rural utility-scale PV 280,613 TWh/year, rooftop PV 818 TWh/year, and CSP 116,146 TWh/year, for a ...
In many countries, solar power is the lowest cost source of electricity. [82] In Saudi Arabia, a power purchase agreement (PPA) was signed in April 2021 for a new solar power plant in Al-Faisaliah. The project has recorded the world's lowest cost for solar PV electricity production of USD 1.04 cents/ kWh. [83]
These trends led to a crossover point when the levelised cost of energy from solar parks, historically more expensive, matched or beat the cost of traditional electricity generation. [145] This point depends on locations and other factors, and is commonly referred to as grid parity. [146]
Solar technology is being used to transition energy users to a more eco-friendly electricity system by 2035, according to the Office of Energy Efficiency and Renewable Energy.