Most new green energy projects in 2024 were cheaper than fossil fuel alternatives.

According to a report by the International Renewable Energy Agency (IRENA), deploying 582 gigawatts of new renewable capacity in 2024 led to significant savings, avoiding fossil fuel costs of about $57B.

Notably, 91% of new renewable energy projects last year were more cost-effective than any new fossil fuel alternatives. Renewables have kept their price advantage over fossil fuels thanks to cost reductions from technological innovation, competitive supply chains, and economies of scale.

In 2024, solar plants averaged 41% less cost than the cheapest fossil fuel options, while onshore wind projects cost 53% less. Onshore wind remained the most affordable new renewable electricity source at $0.034/kWh, followed by solar at $0.043/kWh.