RE: 91% of projects commissioned in 2024 more profitable than fossil fuel alternatives (Irena)

Onshore wind is 53% cheaper than the cheapest fossil alternatives in 2024 and solar PV is on average 41% cheaper, according to Irena's "Renewable electricity production costs in 2024" report published on 22/07/2025.

At $0.034/kWh, onshore wind is the most affordable source of renewable electricity, ahead of solar PV ($0.043/kWh) and new hydro ($0.057/kWh). According to the agency, 91% of new renewable projects commissioned in 2024 were more cost-effective than any new fossil fuel alternative.

The addition of 582 GW of renewable capacity in 2024 saved $57bn (€48.5bn) in fossil fuel costs, according to Irena.

" While cost reductions should continue as technologies mature and supply chains are strengthened, short-term challenges remain. Geopolitical factors, such as tariffs, raw material shortages and changing industrial dynamics (particularly in China), could temporarily push up costs", says the Agency.

" Higher costs are likely to persist in Europe and North America, due to structural issues such as authorisation delays, limited network capacity and higher ancillary system costs. On the…