According to a new report by IRENA, capital costs for renewable energy technologies are estimated on the basis of forecasts until 2025. In Greece, capital costs for installing solar and wind systems were 4.1% in 2021. Compared to other countries, capital costs were only 1.3% in Germany, 3.6% in Spain, 3.1% in Italy and 7.5% in Turkey.
According to IRENA, capital costs are a significant factor that affects the cost of electricity in f/b and land wind turbines. The increase in capital costs from 2% to 10% leads to an increase of 80% in the price of electricity. In the future, no significant changes in capital costs are expected by 2025, with a slight increase of 0.27% in photovoltaic power plants in Europe and a small rise of 0.1% in terrestrial wind turbines, and a minor decrease of 0.29% in offshore windturbines. In particular, France, Germany, the Netherlands and Spain are forecast increases in photovoltaic power plants, while in France, the United Kingdom, Greece, Ireland, Holland, Spain and Greece are expected upward trends in wind plants.
The forecasts are reflected in the following table:
