Minimum Costs 2024: Onshore Wind Energy

Cost competitiveness remains the defining feature of renewable energy sources. In 2024, 91% of all new large-scale renewable projects commissioned delivered electricity at a lower cost than the cheapest new fossil fuel alternative.

Onshore wind energy retained its position as the world's cheapest source of new electricity generation, with a global weighted average levelized cost of electricity (LCOE) of $0.034/kWh, closely followed by solar PV at $0.043/kWh and hydropower at $0.057/kWh.

In 2024 alone, renewable energy is estimated to have saved US$467 billion in fossil fuel costs, underscoring not only its cost-effectiveness but also its strategic value for energy security and economic stability. With the further development and proliferation of battery storage and digital solutions, their role in grid integration, improving economics, and increasing the use of renewable energy will continue to grow in importance. 

Nevertheless, short-term risks remain. Geopolitical tensions, supply chain bottlenecks, and trade-related barriers threaten to hinder further cost reductions. Click the button to read the full report from the International Renewable Energy Agency (IRENA).