According to IRENA’s latest research on Renewable Power Generation Costs in 2024, renewable energy sources continue to lead the worldwide power markets in terms of cost. With cost reductions driven by technical innovation, competitive supply chains, and economies of scale, the research shows that renewables have maintained their pricing advantage over fossil fuels.
In 2024, onshore wind projects were 53% less expensive than the least expensive fossil fuel alternatives, while solar photovoltaics (PV) were, on average, 41% less expensive. At US$0.034/kWh, onshore wind continued to be the most cost-effective renewable energy source, followed by solar PV at US$0.043/kWh.
By eliminating the usage of fossil fuels, 582 gigawatts of renewable power were added in 2024, saving a substantial amount of money—roughly US$57 billion. Remarkably, 91% of newly installed renewable energy projects last year were more affordable than any new fossil fuel substitutes.
In addition to being more affordable than fossil fuels, renewables also have the advantage of reducing reliance on foreign fuel markets and enhancing energy security. Renewable energy has a better commercial case than ever before.
Also Read:
By The End of June 2025, There will be Around 152,000 Emiratis Working in The Private Sector
About Author
