Solar Energy Remains the Most Cost-Competitive Source Worldwide
According to the International Renewable Energy Agency (IRENA), the global average Levelized Cost of Electricity (LCOE) for utility-scale solar PV dropped to $0.043 per kilowatt-hour (kWh) in 2024, reaffirming solar energy’s dominance as the world’s most affordable electricity source.
IRENA’s Key Insights from the Report
IRENA’s new report reveals that solar PV and wind energy have consistently driven down global electricity costs, even during periods of economic instability and inflation. The 2024 data shows that:
- Utility-scale solar PV costs fell by 23% between 2020 and 2024.
- The cost reductions are primarily due to technological improvements, global supply chain stabilization, and increased project efficiencies.
- Solar LCOE fell by 88% between 2010 and 2024, positioning solar as a crucial pillar for affordable energy transitions globally.
Cost-Competitiveness Despite Market Volatility
While fossil fuel markets experienced significant volatility, renewable energy maintained price stability and affordability. IRENA emphasized that in almost all regions, new utility-scale solar and wind projects are cheaper than fossil fuel-based generation.
This trend provides energy security, price predictability, and long-term cost savings—especially important for governments and businesses considering the shift to clean energy.
Implications for U.S. Solar Investors and Businesses
For U.S. businesses and homeowners, this global trend underscores why solar investments are not only environmentally responsible but also economically strategic.
With solar project development becoming more affordable and accessible, now is the ideal time to act—especially while federal and state-level incentives remain active.
At Solar Law Firm, we specialize in:
- Permitting and compliance
- Incentive navigation
- Tax credit consultation
- Legal protection for investors and solar developers
We help clients maximize returns, reduce legal risk, and ensure all solar contracts and processes meet state and federal regulations.
Your Legal Partner in the Solar Transition
As solar becomes more cost-efficient and widespread, the legal complexities grow too. Our experienced team at Solar Law Firm is here to ensure your solar journey is smooth, compliant, and fully optimized for growth.
Ready to invest in solar with legal confidence? Contact us today to get expert legal guidance tailored to your solar goals.
