(Yicai Global) April 13 -- China’s photovoltaic power generation costs have fallen dramatically over the past decade thanks to strong government policy support and the rapid development of related technology, the country’s energy authority has said.
The overall cost of solar electricity production plummeted by around 90 percent between 2007 and 2017, said Li Chuangjun, deputy director at the China National Energy Administration’s new energy division, adding that prices are expected to become more affordable within three to four years.
The country’s solar sector has undergone a dramatic transformation with annual installed capacity increasing from 5 megawatts, or less than 0.5 percent of the global total, in 2005, to 53 gigawatts in 2017, making up almost 40 percent of global additions. Last year represented the fifth consecutive year of growth for the domestic industry, which has accounted for half of all growth worldwide during the period.
China boasted a modest total installed solar capacity of 70 MW in 2005, representing a mere 1.35 percent of the global total. The country now makes up 32.4 percent of all installed capacity globally, at 130 GW.
Overall photovoltaic power generation reached 256.5 billion kilowatt-hours as of the end of last year, saving more than 80 million tons of coal.
Editor: William Clegg