This study by IRENA analyses the global trends in renewable power generation costs through 2024 and forecasts for 2025. On a levelised cost of electricity (LCOE) basis, renewables remained the most cost-competitive option for new electricity generation in 2024, with 91% of newly commissioned utility-scale capacity delivering power at a lower cost than the cheapest, newly installed fossil fuel-based alternative. At the same time, the combination of capacity factors, market share, and financing costs led to a slight increase in the levelised cost of electricity (LCOE) for some technologies: solar PV by 0.6%, onshore wind by 3%, offshore wind by 4%, and bioenergy by 13%. View further information about this report on IRENA's publication page.
Renewable Power Generation Costs in 2024
Geography
International
Year
2025
Document Type
Report
Documents
Document
Topics
Beta
Summary
About this document
Year
2025
Geography
International
Author Type
Intergovernmental Organization
Author
International Renewable Energy Agency
Type
Other
Topics
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Group
Topics
Target
Policy instrument
Risk
Impacted group
Just transition
Renewable energy
Fossil fuel
Greenhouse gas
Economic sector
Adaptation/resilience
Finance
Note
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