(MENAFN) Solar energy has become the most economical method for generating electricity in Türkiye, driven by swiftly decreasing installation expenses that now undercut all other energy sources.

This conclusion comes from a study released Tuesday by the London-based energy think tank Ember.

According to Ember, the cost to set up solar power plants in Türkiye has plummeted by 77% in recent years, while expenses for wind projects have decreased by 40%.

As a result of these reductions, the overall lifetime cost of producing electricity through solar energy has declined by 69%, establishing solar power as the cheapest form of electricity generation in the country.

A newly built solar facility in Türkiye generates electricity at roughly $43 per megawatt-hour, the research group noted.

By contrast, the government’s recent decision to provide $75/MWh price guarantees for domestic coal power plants means coal-generated electricity will be 36% more expensive than the average generation price seen over the last year.

Ember projected that these coal-related incentives could impose a financial burden of $8.7 billion on Türkiye over the next four years.

The think tank recommended reallocating investments towards upgrading the electrical grid and removing obstacles for new solar developments, which could aid Türkiye in achieving its 2035 target of 120 gigawatts of renewable energy capacity.

Caglar Celikoz, an analyst at Ember, remarked that Türkiye has made considerable strides in solar energy but emphasized that "there is still a long way to go before the country can fully realise its potential."

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