Solar Gears Up to Become the Most Cost-Efficient Energy in South Korea

Research from the Lawrence Berkeley National Laboratory in California has revealed that solar electricity is poised to become the most cost-efficient source of energy in South Korea. According to a research team based at the lab, solar has the potential to have the lowest levelized cost of energy (LCOE) of all energy sources in South Korea by 2030 to 2035. Solar energy is one of the most popular forms of renewable energy globally and is currently the third-largest source of renewable energy after hydropower and wind.

Titled “Assessing the Levelized Cost of Energy in South Korea,” the team’s research paper assessed the LCOE of several technologies in South Korea and projected their cost trajectories from 2030 to 2035. The researchers factored in metrics such as maintenance and fixed operations costs, capacity factors, fuel costs, financial costs, overnight capital costs, and variable operations and maintenance expenses into their LCOE analysis. Large-scale solar projects are expected to be the most cost-competitive energy source in the country by 2030, with a projected LCOE of between $47/MWh and $48/MWh.

Interestingly, while several countries already boast very cost-competitive LCOEs for renewables, South Korea’s projected LCOE for solar surpasses those of both nuclear and fossil fuel-based energy generation. South Korea currently sources the majority of its electricity from fossil fuels (60%), while nuclear power plants generate most of the country’s clean energy (30%) and wind and solar together account for just 6% of its energy mix.

Fortunately, the recent findings suggest that South Korea’s capacity for clean energy will expand over the next decade thanks to sustained declines in the cost of renewable energy technologies. Researchers project that renewable energy costs will fall by between 28% and 41% from 2023 to the mid-2030s, reducing capital requirements for green energy projects and removing one of the largest barriers to renewable energy adoption: high cost.

The decline in renewable energy costs will largely be driven by reductions in the upfront capital required to develop renewable infrastructure and related expenses such as grid connection fees, according to the researchers. These trends could enable South Korea to significantly expand its solar capacity, boosting its overall renewable output and decreasing its reliance on fossil fuels such as coal, oil, and natural gas. A larger share of solar energy will bring South Korea closer to its goal of phasing out coal and increasing its renewable energy share to 70% by 2050.

Given the pace at which major players in the solar power industry like SolarBank Corp. (NASDAQ: SUUN) (Cboe CA: SUNN) (FSE: GY2) are ramping up the availability of innovative solar energy products, it isn’t far-fetched to envision a world where this form of energy is dominant.

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