Reductions in PV electricity prices
Lazard Levelized Cost of Energy Analysis:
Source: World Bank, IHS Waterborne LNG and Lazard estimates. 
(1) Low end assumes crystalline utility-scale solar with a fixed-tilt design. High end assumes rooftop C&I solar. Solar projects assume illustrative capacity factors of 26% – 30% for Australia, 26% – 30% for Brazil, 22% – 23% for India, 27% – 29% for South Africa, 16% – 18% for Japan and 13% – 16% for Northern Europe. Equity IRRs of 12% are assumed for Australia, Japan and Northern Europe and 18% for Brazil, India and South Africa; assumes cost of debt of 8% for Australia, Japan and Northern Europe, 14.5% for Brazil, 13% for India and 11.5% for South Africa. 
(2) Assumes natural gas prices of $4.00 for Australia, $8.00 for Brazil, $7.00 for India, $7.00 for South Africa, $7.00 for Japan and $6.00 for Northern Europe (all in U.S.$ per MMBtu). Assumes a capacity factor of 10%. 
(3) Diesel assumes high end capacity factor of 10% representing intermittent utilization and low end capacity factor of 95% representing baseload utilization, O&M cost of $30 per kW/year, heat rate of 9,500 – 10,000 Btu/kWh and total capital costs of $500 to $800 per kW of capacity. Assumes diesel prices of $3.60 for Australia, $2.90 for Brazil, $3.00 for India, $3.20 for South Africa, $3.50 for Japan and $4.80 for Northern Europe (all in U.S.$ per gallon).