Editing IPCC:AR6/WGIII/Chapter-2 (section)

==== 2.5.3.1 Technological Change Has Produced Dramatic Cost Reductions ====

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A wide array of technologies shows long-term improvements in performance, efficiency, and cost. Among the most notable are solar PV, wind power, and batteries ( ''high confidence'' ) (Chapters 6 and 16). The dynamics for PVs are the most impressive, having fallen in cost by a factor of 10,000 from the first commercial application on a satellite in 1958 ( [[#Maycock--1975|Maycock and Wakefield 1975]] ) to power purchase agreements signed in 2019 ( [[#IRENA--2020|IRENA 2020]] ). Wind has been on a nearly as steep trajectory ( [[#Wiser--2019|Wiser and Bolinger 2019]] ) as are lithium-ion battery packs for electric vehicles ( [[#Nykvist--2015|Nykvist and Nilsson 2015]] ; [[#Service--2019|Service 2019]] ). The future potential for PV and batteries seems especially promising given that neither industry has yet begun to adopt alternative materials with attractive properties as the cost reductions and performance improvements associated with the current generation of each technology continue ( ''medium confidence'' ) ( [[#Kwade--2018|Kwade et al. 2018]] ). A key challenge is improving access to finance, especially in developing country contexts, where the costs of financing are of crucial importance ( [[#Creutzig--2017|Creutzig et al. 2017]] ; [[#Schmidt--2019|Schmidt 2019]] ).

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