In 2024, solar photovoltaics (PV) were, on average, 41% cheaper than the lowest-cost fossil fuel alternatives, while onshore wind projects were 53% cheaper. Onshore wind remained the most affordable source of new renewable electricity at USD 0. 034/kWh, followed by solar PV at USD. The Levelized Cost of Energy (LCOE) represents the average cost per unit of energy generated across a power plant's lifetime. This metric accounts for all costs including initial capital investment, operations and maintenance, fuel costs, and financing expenses, divided by the total energy output. Numbers calculated by financial advisory Lazard as of June 2025 estimate price ranges for the generation of one MWh of energy by different sources. While the data shows that it is always cheapest to produce electricity from fully depreciated facilities, renewable energy can nevertheless compete in. Here is a breakdown of the cost of renewable energy according to our research, ranked by least to most expensive: Compare these costs to ultra-supercritical coal, which costs $72.
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