IRENA Report on Renewable Power Generation Costs in 2024

The International Renewable Energy Agency (IRENA) has published its 2024 report on renewable power generation costs.

• Installed costs decreased by over 10% for most renewable technologies between 2023 and 2024, except offshore wind (stable) and bioenergy (increased by 16%). Levelised cost of electricity (LCOE) increased slightly for solar PV, onshore wind, offshore wind, and bioenergy, but declined for CSP, geothermal, and hydropower.
• Renewables accounted for 91% of new utility-scale capacity with lower costs than fossil fuels, avoiding USD 467 billion in fossil fuel costs in 2024; enabling technologies like battery storage and digitalisation are critical for integration, while challenges include finance access, permitting, supply chain, and geopolitical risks.