The United States and Europe can no longer compete with China after the country cut the cost of producing solar modules by 42 percent to $0.15 per watt (0.14 euros), German media reported. A new report from consulting firm Wood Mackenzie says that Chinese manufacturers have a huge cost advantage over their international rivals.

In 2023, China's new domestic solar capacity will be twice that of the United States and the European Union combined. As the world's largest solar module country, China currently owns 80% of the world's manufacturing capacity. According to Wood Mackenzie's forecast, China will account for more than 50 percent of global electricity supply by 2050." China is the world's lowest-cost solar module manufacturer.

December statistics on solar module prices (in dollars per watt) show that China's production cost of $0.15 is far lower than that of India ($0.22), Europe ($0.30), and the United States ($0.40)," said Steven Knell, vice president of Wood Mackenzie and a specialist in power and renewable energy." The huge cost advantage that China has means that attempts by international competitors to displace existing Chinese suppliers in the renewable energy value chain may be futile.

Given the ongoing capacity race, the outlook for the supply of available components in the market is bullish, but Chinese competitors are unlikely to win on cost. China has already won the green technology capacity race," Kneale told Deutsche Welle. solar energy will account for 5 percent of China's domestic power generation and 13 percent of total installed capacity in 2022.

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