A new report from IRENA has confirmed a major shift in the global energy market: renewables are now the most cost-effective way to generate electricity.
In 2024, 91% of new renewable energy projects were cheaper than any fossil fuel alternative. Onshore wind and solar power led the way, with wind averaging just USD 0.034/kWh and solar at USD 0.043/kWh. Together, new renewable projects helped avoid around USD 57 billion in fossil fuel costs.
Why It Matters
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Clean energy is now the low-cost option
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Onshore wind is 53% cheaper than fossil fuels
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Solar is 41% cheaper
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Battery storage costs have dropped 93% since 2010
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Investing in renewables improves energy security
The case for renewables is no longer just environmental—it’s financial.
Challenges Still Remain
Despite strong cost performance, the report also warns of key obstacles:
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Permitting delays
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Grid bottlenecks
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High financing costs in emerging markets
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Policy uncertainty
In many countries, clean energy projects are held back by slow approvals, outdated infrastructure, and limited access to affordable capital.
What Comes Next?
To keep up momentum, global cooperation, stable investment frameworks, and modernised grids are critical. As IRENA’s Director-General put it, “The transition to renewables is irreversible, but its pace and fairness depend on the choices we make today.”
The Talent Behind the Transition
As costs fall and demand for clean energy rises, the industry needs skilled people to deliver. From engineers to grid specialists, and from finance experts to project developers—the right talent is key to keeping projects moving.
At LSP Renewables, we connect the people driving the global energy transition. If you’re growing your team or exploring your next move, let’s talk.
