Renewable power generation costs in 2024

Sep 18, 2026

Uploaded by Mia

Report presenting renewable power generation costs in 2024, grounded in IRENA’s analysis of global renewable capacity growth and cost competitiveness. The foreword highlights 2024 additions reaching 582 GW, alongside evidence that most newly commissioned utility-scale renewable projects deliver electricity at lower cost than new fossil fuel alternatives. It details 2024 levelised cost of electricity benchmarks for onshore wind, solar PV, and hydropower, and notes stabilization in solar and wind pricing plus continued battery storage cost declines.

LanguageEnglish

CategoryResearch & Report

FormatPDF

Pages216

Reading Time9 h 4 min

AccessFree to download

Foreword

Global renewable capacity additions in 2024

Cost competitiveness and LCOE benchmarks

Market maturity and emerging enabling technologies

RENEWABLE POWER GENERATION COSTS IN 2024 © IRENA 2025 Unless otherwise stated, material in this publication may be freely used, shared, copied, reproduced, printed and/or stored, provided that appropriate acknowledgement is given of IRENA as the source and copyright holder. Material in this publication that is attributed to third parties may be subject to separate terms of use and restrictions, and appropriate permissions from these third parties may need tobe secured before any use of such material. ISBN: 978-92-9260-669-5 Citation: IRENA (2025), Renewable power generation costs in 2024, International Renewable Energy Agency, Abu Dhabi. About IRENA The International Renewable Energy Agency (IRENA) is an intergovernmental organisation that supports countries in their transition to a sustainable energy future and serves as the principal platform for international co-operation, a centre of excellence, and a repository of policy, technology, resource and financial knowledge on renewable energy. IRENA promotes the widespread adoption and sustainable use of all forms of renewable energy, including bioenergy, geothermal, hydropower, ocean, solar and wind energy, in the pursuit of sustainable development, energy access, energy security and low-carbon economic growth and [prosperity.](prosperity. www.irena.org)[ www.irena.org](prosperity. www.irena.org) Acknowledgements This report was authored by Saied Dardour, Deborah Ayres and Lourdes Zamora (IRENA), under the direction of Norela Constantinescu (Acting Director, IRENA Innovation and Technology Center) . The authors are grateful for the valuable contributions provided by IRENA colleagues, including Adrian Gonzalez, Binu Parthan, Diala Hawila, Faran Rana, Erick Ruiz Araya, Julian Prime, Simon Benmarraze, Yasuhiro Sakuma, Aakarshan Vaid (Consultant), Alina Gilmanova (Consultant) and Olga Sorokina (European Energy Link Group) in the preparation of this study. This report benefited from the reviews and comments of numerous experts, including: Ana Andrade (Direção Geral de Energia e Geologia), Ana Rovzar (Global Renewables Alliance / GWEC), Anjali Lathigara (Global Wind Energy Council), Bruce Douglas (Global Renewables Alliance), Christian Kirchsteiger (European Commission), Christoph Wolter (Danish Energy Agency), Fabien Perdu (Ministry of Economy, Trade and Industry, Japan), Feng Zhao (Global Wind Energy Council), Guy Brindley (WindEurope), Hal Turton (KAPSARC), Jarett Zuboy (National Renewable Energy Laboratory), Joyce Lee (Global Wind Energy Council), Manuel Quero (Sunntics), Marco Cometto (IAEA), Michael Taylor (ex-IRENA), Nouha Gazbour (CEA France), Rebecca Ellis (International Hydropower Association), Rebecca Williams (Global Wind Energy Council), Stéphane Cathalau (CEA France), Yuetao Xie (China Renewable Energy Engineering Institute), and Zhou Xiaoxi (China Renewable Energy Engineering Institute) . All opinions and errors remain those of the authors. Publications, editorial and communications support were provided by Francis Field, Stephanie Clarke, Nicole Bockstaller and Daria Gazzola. The report was copy-edited by Jonathan Gorvett, and a technical review was provided by Paul Komor. Graphic design was provided by Nacho Sanz. For further information or to provide feedback: [publications@irena.org](publications@irena.org) This report is available [for download:](for download: www.irena.org/publications)[ www.irena.org/publications](for download: www.irena.org/publications) Disclaimer This publication and the material herein are provided “as is”. All reasonable precautions have been taken by IRENA to verify the reliability of the material in this publication. However, neither IRENA nor any of its officials, agents, data or other third-party content providers provides a warranty of any kind, either expressed or implied, and they accept no responsibility or liability for any consequence of use of the publication or material herein. The information c

FAQs

What does the report focus on?

The report focuses on renewable power generation costs in 2024 and how renewable sources compare on cost competitiveness versus new fossil fuel alternatives.

What milestone for renewable capacity additions is mentioned for 2024?

It states that global renewable power capacity additions in 2024 reached 582 GW, a 19.8% increase over 2023 and the highest annual increase on record.

Which sources are highlighted with 2024 LCOE figures?

Onshore wind, solar PV, and hydropower are highlighted with global weighted average levelised cost of electricity values.

Sep 18, 2026

Uploaded by Mia

Renewable power generation costs in 2024_Page 1

Open in WPS to view all 216 pages