IRENA Insights: Renewable Power Generation Costs in 2024: Key Findings and Insights

IRENA Insights: Renewable Power Generation Costs in 2024: Key Findings and Insights

by International Renewable Energy Agency

Applied Sciences & Engineering Economics & Finance KNBEnergy industries and utilitiesKNBTAlternative and renewable energy industries
🎙 International Renewable Energy Agency 👥 12K 📅 September 3, 2025 ⏱ 34 min 👁 499 📄 expert opinion 🧭 2026-08-16
Available in: English (current) Français

Keywords

LCOEsolar PVonshore windoffshore windbattery storage

Summary

This webinar, hosted by IRENA, presents key findings from their 2024 report on renewable power generation costs. The presenters, Say Ardu and Dud Samara, begin by highlighting that 2024 was a record year for renewables, with 585 GW of capacity added, a 24% increase from 2023, driven largely by solar PV. They emphasize that over 90% of new utility-scale renewable projects are cheaper than fossil fuel alternatives. The webinar then details cost trends for major technologies: solar PV costs have decreased by 90% since 2010, onshore wind by 70%, and offshore wind by 62%. They note that while solar and wind costs are stabilizing, emerging technologies like battery storage still have significant cost reduction potential. A key focus is on financing costs, which are a major barrier in developing countries, particularly in Africa, where financing costs dominate LCOE. The webinar also discusses the benefits of renewables, including avoiding $467 billion in fossil fuel costs in 2024. It covers hybrid systems combining solar and storage, which are becoming more competitive. The Q&A session addresses tariffs, transmission costs, and geothermal energy. Overall, the webinar provides a comprehensive overview of renewable cost trends and their implications.

193 words

Critical Evaluation

Value of the Information & Strength of the Argument

The webinar provides valuable, up-to-date data on renewable energy costs, drawing from IRENA’s extensive database. The argumentation is solid, supported by specific figures and trends. The presenters clearly explain the drivers of cost changes, such as financing costs and capacity factors. They also address potential challenges like tariffs and transmission bottlenecks. The information is presented in a structured manner, making it accessible to a professional audience. The inclusion of regional variations and technology-specific insights adds depth. However, the webinar is a summary and does not delve into methodological details, which might be a limitation for those seeking a deeper understanding.

Scientific Rigor, Source Quality, Title Accuracy

The webinar is based on IRENA’s flagship report, which is a reputable source. The data is derived from IRENA’s renewable cost database, which is compiled from project-level data over 15 years. The presenters are experts from IRENA, lending credibility. The title accurately reflects the content. The webinar does not cite external sources beyond the report itself, but the report is a comprehensive and authoritative reference. The presentation is well-structured and the information is presented with appropriate caveats, such as noting that the database is not publicly accessible. Overall, the scientific rigor is high for a webinar format.

212 words

Title / Content Match

The title accurately reflects the content, which presents key findings and insights from IRENA's 2024 report on renewable power generation costs.

Quality & Reliability

8/10

The webinar is presented by IRENA experts and is based on IRENA's flagship report 'Renewable Power Generation Costs in 2024', which is a well-established and authoritative source. The data comes from IRENA's renewable cost database, which is compiled from project-level data. The presentation is clear, structured, and includes specific figures and trends. However, it is a webinar summary and not a peer-reviewed publication, and some claims (e.g., cost savings) are estimates.

Key Moments

Markers derived by PSI from the transcript: the creator did not define chapters.

Cited Sources

Concurring Sources

Contribution & Novelties

The webinar provides an accessible summary of the latest data on renewable energy costs, highlighting the continued decline in costs for solar and wind, the importance of financing costs, and the emerging role of hybrid systems. It offers insights into regional variations and the potential impact of tariffs. The presentation is valuable for policymakers and industry stakeholders.

Pour aller plus loin :

  • Levelized cost of electricity — Explains the concept of LCOE, which is central to the webinar.
  • Solar PV — Provides background on solar photovoltaic technology and its cost trends.
  • Wind power — Offers context on wind energy, including onshore and offshore developments.
  • Battery storage — Discusses the role of battery storage in renewable energy systems.

117 words

Radar Profile

The radar profile shows high scores in information quantity, quality, and reliability, with a slightly lower score in technical level, indicating that the content is comprehensive and trustworthy but may not delve into advanced technical details. The overall high scores reflect the authoritative nature of the source.

Reliability 8/10

💬 No comments were provided for analysis.