Rapid declines in renewable energy and battery prices are making clean electricity cheaper and more reliable worldwide.

Solar and Wind Power with Battery Storage Now Compete with Coal on Cost: IRENA.

International Renewable Energy Agency (IRENA) has reported that solar and wind energy paired with battery storage are now becoming cost-competitive with coal and gas-based electricity generation. According to the agency, firm-levelised electricity costs for solar power with battery storage currently range between $54 and $82 per megawatt hour (MWh) in regions with high solar irradiance, significantly lower than 2020 levels. In comparison, new coal-based power in China costs around $70–85/MWh, while new gas-based capacity globally exceeds $100/MWh. The report highlighted dramatic cost reductions since 2010, with solar photovoltaic installation costs falling 87%, onshore wind by 55%, and battery storage costs by 93%. IRENA expects renewable energy costs to decline further by 2030 and 2035, making clean energy even more affordable. Wind power combined with battery storage is also projected to see substantial cost reductions across global markets.