Renewables have become so cheap so fast
Global Weighted Average Levelised Cost of Electricity (LCOE)
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.
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
Keep updated, follow The Business Standard's Google news channel
