PV could see the biggest falls with the 59% drop, with offshore wind registering a 35% dip and onshore wind 26%, all compared to 2015 levels, according to the body’s new report The Power to Change: Solar and Wind Cost Reduction Potential to 2025.

That would leave global average power costs for PV and onshore wind at the $0.05-0.06/kWh level, it added.

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