LONDON 

Solar energy has become Türkiye's most affordable way to generate electricity, as rapidly falling installation costs push it below all other power sources, according to research Tuesday by London-based energy think tank Ember.

The installation cost of building solar power plants in Türkiye has fallen 77% in recent years, while wind project costs are down 40%, Ember said in a statement.

With the declines, the lifetime cost of producing electricity from solar has dropped 69%, making solar energy the country's cheapest source of electricity generation, it added.

A new solar plant in Türkiye produces power for about $43 per megawatt-hour, according to Ember. By comparison, the government's latest decision to grant $75/MWh price guarantees for domestic coal plants means coal power will cost 36% more than the average generation price over the past year.

Ember estimated that such coal incentives could cost Türkiye $8.7 billion over the next four years.

Redirecting funding toward grid upgrades and easing barriers for new solar projects, the energy think tank said it could help the country reach its 2035 goal of 120 gigawatts of renewable capacity.

Ember analyst Caglar Celikoz said Türkiye has made significant progress in solar energy but "there is still a long way to go before the country can fully realise its potential."

*Writing by Handan Kazanci​​​​​​​