The cost of solar photovoltaic (PV) generation fell in 2019, with European levels lowest in Italy and Spain.
The levelised cost of energy (LCOE) for utility-scale PV projects was $56/MWh in Spain and $68/MWh in Italy last year, according to international renewable agency Irena.
These were the most competitive levels after India and China, at $45/MWh and $54/MWh, respectively. India's LCOE dropped by 82pc and China's by 81pc between 2010 and 2019, Irena data show.
Italy and Spain are becoming more attractive for the solar sector, with various companies announcing agreements and projects in the two countries.
Italy plans to increase its solar capacity to about 52GW in 2030 from 21GW at the end of 2019, according its energy and climate plan.
Spanish solar installations are targeted at 46.5GW in 2030, with around 39GW from PV.
The LCOE of residential and commercial PV systems also declined last year, according to Irena. Generation from residential and commercial plants in Italy cost $109/MWh and $92/MWh, respectively, down by 3.5pc and 2pc on the year.
In Spain generation costs were $104/MWh for residential and $87/MWh for commercial systems, down by 2pc and 3pc, respectively, from 2018, Irena data show.
