(Yicai Global) Oct. 25 -- The price of wind and solar power generation will continue their decline from last year through 2020 thanks to falling equipment costs and better designs, Lv Shisen, vice president of the Electric Power Planning & Engineering Institute, said at a press briefing yesterday.

Between 2011 and 2015, the unit cost of thermal power generation fell, though the cost of hydroelectric energy increased. Wind and solar generation costs remained steady after seeing earlier declines.

China built many wind and solar power plants several years ago, which kept the price of equipment steady, Lv said.

The nation has been learning to create better equipment using more streamlined manufacturing processes since last year, and this will continue through 2020, lowering the cost of such projects, he continued.  However, the power grid may see heightened labor and land costs which could see price hikes. Power firms will look to test automation in the industry to keep costs down, Lv added.