Cost of Solar Power Generation to Drop to Below 100 Won by 2023

South Korea’s largest floating solar farm in Gunsan, N. Jeolla Province. (Yonhap)

SEOUL, Dec. 23 (Korea Bizwire) — The average total costs of generating solar energy in South Korea will go down below 100 won (US$0.1) per 1 kilowatt hour five years later, a parliamentary report said Sunday.

According to the report, the levelized cost of energy (LCOE) of solar power will decline to below 100 won per 1 kWh in 2023 and 84 won in 2030.

LCOE refers to an average total cost to build and operate a power generator over its lifetime.

It was 1,144 won per 1 kWh in 2005 and dropped to 171 won in 2014. In 2018, the LCOE of solar power reached 121 won per 1 KWh.

The report said the United States and Great Britain are both expected to break the 100 won LCOE line in 2020.

The government of President Moon Jae-in aims to increase the use of renewable energy, including solar and wind power, to about 20 percent of total power consumption by 2030.

(Yonhap)