A new study entitled ‘Energy Production & Changing Energy Sources’ has revealed the dramatic fall in solar PV energy costs between 1976 and 2016. The analysis reveals an 22% reduction in price for every doubling of cumulative installed capacity.
The solar PV costs have dropped substantially with PV module costs falling more than 100-fold since 1976. On average, the technology has had a learning rate of 22 percent; this means that the cost falls by 22 percent for every doubling in solar PV capacity (although progress has not necessarily been constant over this period).
The figures are graphed from 1976, where there was only 320kW of solar PV installed capacity, to 2016 when more than 291,064MW had been installed worldwide.
The full text of the study can be found at: https://ourworldindata.org/energy-production-and-changing-energy-sources/