India's renewable energy cost lowest in Asia Pacific, says WoodMac
Updated : July 29, 2019 11:25 AM IST
India's levelised cost of electricity (LCOE) using solar photovoltaic has fallen to $38 per megawatt-hour (MWh) this year, 14 percent cheaper than coal-fired power that has traditionally been the cheapest source of power generation, WoodMac said.
LCOE comprises the cost of generating a megawatt-hour (MWh) of electricity, the upfront capital and development cost and the cost of equity and debt finance and operating and maintenance fees.
Solar LCOE has fallen 42 percent in the past three years and will reach $48/MWh in 2020, beating out all fossil fuel competitors, WoodMac added.