According to a report from the International Renewable Energy Agency (IRENA), the commissioning of 582 gigawatts of new renewable capacity in 2024 helped avoid fossil fuel costs amounting to approximately $57 billion.
This is reported by Business • Media
Renewable energy shows a price advantage
Last year, 91% of new projects for producing “green” energy were more economically viable than any new fossil fuel alternatives. The sustained reduction in renewable energy costs has been made possible by the implementation of innovative technologies, the development of competitive supply chains, and economies of scale.
Notably, 91% of new renewable energy projects commissioned last year were more economically advantageous than any new fossil fuel alternatives.
Solar and wind energy lead in affordability
In 2024, solar power plants cost an average of 41% less than the cheapest fossil fuel options. Onshore wind farms proved to be even more cost-effective, with their costs being 53% lower than comparable fossil fuel projects. The most affordable type of new renewable electricity was onshore wind energy, priced at $0.034 per kilowatt-hour, while solar energy ranked second at $0.043 per kilowatt-hour.