Solar Power Now Costs Less Than Fossil Fuels IRENA Confirms
For years, fossil fuels held the upper hand in energy costs, but the tides have turned. IRENA’s latest report shows solar and wind power are now the most affordable options—by a significant margin. If you’re in the solar industry, you’ve probably felt this shift in project bids and customer inquiries.
The Numbers Don’t Lie
Utility-scale solar PV costs dropped 89% since 2010. In 2024, new solar projects average $0.048/kWh globally—cheaper than even the most efficient natural gas plants. Wind power isn’t far behind at $0.033/kWh for onshore projects. Coal? It’s struggling to stay under $0.06/kWh without subsidies.
Why Batteries Change Everything
Storage used to be renewables’ Achilles’ heel. But with Tesla Powerwall installations doubling yearly and lithium-ion prices down 92% since 2012, nighttime solar supply isn’t sci-fi—it’s standard in ROI calculations.
Wait, What About Grid Stability?
Critics warned intermittent sources would destabilize networks. Yet Germany now runs on 52% renewable electricity with fewer outages than the US grid. Advanced inverters from Fronius and SMA allow solar farms to mimic traditional plants’ grid services.
The Hidden Bonus: Job Creation
Every $1 million invested in renewables creates three times more jobs than fossil fuels. Solar panel installers and wind technicians dominate the Bureau of Labor Statistics’ fastest-growing jobs list.
Your Next Move
With project payback periods under 5 years in most markets and financing options like PACE expanding, there’s never been less risk in going solar. The question isn’t if clients will switch—it’s how fast your crews can install.
