Renewables have become so cheap so fast

By The Numbers

TBS Report
22 October, 2025, 04:50 pm
Last modified: 22 October, 2025, 05:49 pm

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Renewables have become so cheap so fast

Global Weighted Average Levelised Cost of Electricity (LCOE)

TBS Report
22 October, 2025, 04:50 pm
Last modified: 22 October, 2025, 05:49 pm
An illustration of a green city with skyscrapers, wind turbines, and solar panels, all connected by a power cord from an Earth-shaped lightbulb to an electrical plug with a recycling symbol.
An illustration symbolizing the shift towards sustainable cities powered by green energy sources like wind and solar. | Illustration: Ashrafun Naher Ananna/TBS Creative

Renewable energy technologies have experienced spectacular cost declines since 2010, driven by technology improvement, competitive supply chains and economies of scale. Notably, 91% of new renewable power projects commissioned in 2024 globally were more cost-effective than any fossil fuel-fired alternative.

An infographic comparing the Levelised Cost of Electricity (LCOE) in USD/kWh for various renewable energy sources between 2010 and 2024, showing significant cost drops for solar and wind.
This infographic details the dramatic drop in the Levelised Cost of Electricity (LCOE) for various renewable sources between 2010 and 2024, according to IRENA data. | Illustration: Ashrafun Naher Ananna/TBS Creative

Source: International Renewable Energy Agency, Renewable Power Generation Costs in 2024 report

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Infograph / Top News

Renewables become cheap / Renewables energy / Renewables energy become cheap so fast / International Renewable Energy Agency (IRENA)

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