How much does solar energy cost per kwh?
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Above is a chart showing the Levelized Cost of Energy (LCOE) for various sources of electricity. The LCOE is a fair method of comparing the cost of different energy technologies. It is the total life cycle cost of electricity for a given technology divided by the total life cycle electricity production. The LCOE for peakers is $.180 per kilowatt hour as per the California Energy Commission. Nuclear power is at $.100 per kilowatt hour, coal is $.080, and combined cycle natural gas is $.064.
Levelized cost estimates are lowest for solar PV, at $48 per MWh in 2018. Wind technology is most competitive, with an estimated levelized cost in 2018 of $54 per MWh. A traditional combined-cycle plant estimated to have a levelized cost of $114 per MWh, while geothermal technology is $132 per MWh, solar power tower is $153 per MWh, biomass is $159 per MWh.
There is a very consistent relationship between the cost of solar PV panels and the deployment of solar PV panels. It is known as Swanson’s law: “Every doubling of production and shipments of solar panels, there has been a 20 percent reduction in the cost of panels”.