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The International Renewable Energy Agency (IRENA), an Abu Dhabi-based intergovernmental renewable energy agency, has placed India among the world’s lowest-cost major solar power markets in its 2025 report. The report showed that India’s utility-scale PV LCOE stood at $35 per MWh, lower than China’s $36 per MWh and Brazil’s $37 per MWh. The global weighted average stood at $44 per MWh, as the worldwide average cost of solar power remained unchanged in 2025. IRENA said lower equipment and installation costs were being offset by higher financing costs and slightly reduced capacity factors. Since 2010, PV costs have fallen by 89%, while onshore and offshore wind costs have declined by 71% and 63%, respectively. Four-hour utility-scale battery costs dropped by nearly 30% to about $140 per kWh in 2025, as per the report. Global renewable additions exceeded 690 GW, with solar contributing more than 500 GW and wind adding around 160 GW.
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