Germany’s International Technology Roadmap for Photovoltaic (ITRPV), which aims to track solar power price falls and rising conversion efficiencies, has undergone its 11th update.
The report, produced by engineering association the Verbandes Deutsches Maschinenbau Anlage (VDMA), states more than 650 GW of solar module generation capacity was delivered last year. The learning rate of photovoltaics – the speed at which price declines accelerate with wider deployment of the technology – reached 23.5% in 2019, according to the VDMA.
The authors of the latest ITRPV document predict the learning rate for PV will continue at a similar speed in the years ahead, leading to further price declines, thanks to measures such as the use of better, larger solar wafers; optimization of front and rear cells; better module lay-outs; bifacial cell deployment; new cell types; and improved module technology.
The latest ITRPV estimates there is more than 200 GW of solar module production capacity worldwide and the report’s authors expect the figure to continue rising.
The roadmap update estimates module costs fell 10% last year – for both mono and multicrystalline products – and cell costs retreated 20%. The average monocrystalline solar module price fell from $0.39 per Watt-peak in 2018 to $0.24 this year, according to the ITRPV update. Multicrystalline products fell from $0.31 to $0.21 over the same period, according to the VDMA.