India has the lowest cost for renewable energy in the Asia Pacific region, followed by Australia, analysts from Wood Mackenzie have said.

India’s levelised cost of electricity (LCOE) using PV has fallen to $38/MWh this year, which makes it 14% less expensive than that derived from coal-fired power, traditionally the cheapest source of power generation.

“India is the second-largest power market in Asia Pacific with installed power capacity of 421GW,” said Wood Mackenzie research director Alex Whitworth.