Photovoltaics Report 2024

The latest photovoltaics report has been published by Fraunhofer Institute for Solar Energy Systems, and here is our brief on this years market analysis.

The Levelised Cost of Energy (LCOE) provides a comprehensive measure of the average cost to produce electricity over the lifetime of a power plant.

According to the latest Fraunhofer Institute report for 2024, solar photovoltaic (PV) and wind energy continue to see significant cost reductions, driven by advancements in technology, economies of scale, and increasing carbon prices.

As of 2024, the LCOE for ground-mounted PV systems in Germany ranges from 1.92 to 3.51 €cent/kWh, while rooftop systems cost between 3.58 and 6.77 €cent/kWh.

Onshore wind turbines range from 3.94 to 8.29 €cent/kWh, remaining highly competitive against conventional power generation. Offshore wind is more expensive, ranging between 7.23 to 12.13 €cent/kWh due to the higher installation and maintenance costs associated with marine environments.

Solar Now Levelised Cost of Electricity (LCOE) — Solar Now, Solar PV Specialists

These costs make renewables far cheaper than fossil fuel power plants, where LCOE can exceed 7.5 €cent/kWh due to rising carbon prices and operational costs.

In contrast, the LCOE for Ireland reflects similar trends but with some regional differences due to our specific wind and solar resources.

Reports from recent studies suggest that the LCOE for onshore wind in Ireland ranges from 4.5 to 6 €cent/kWh, depending on site-specific factors.

The LCOE for solar PV in Ireland, though higher than in Germany due to slightly lower solar irradiance, is still competitive, estimated around 5 to 8 €cent/kWh for utility-scale projects.

Offshore wind, a developing sector in Ireland, is expected to be higher, near 8 to 10 €cent/kWh, aligning with global trends for offshore wind developments.

Solar Now, Solar PV Specialists — Solar Now Levelised Cost of Electricity (LCOE) 2024

The comparative analysis shows that both Germany and Ireland are benefiting from falling renewable energy costs, though Ireland’s solar LCOE remains slightly higher due to geographical factors. However, Ireland’s strong wind resources ensure that its onshore wind energy remains a crucial, cost-effective component of the energy mix.

Both countries are rapidly moving toward renewable energy dominance as conventional fossil fuel power plants become increasingly uneconomical.

If you want to secure really low energy costs for years to come talk to Solar Now today about your new solar PV system.

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