What it is
The International Renewable Energy Agency's flagship report series tracks renewable energy costs, deployment, investment, and policy across all member nations. Updated annually, it provides the most authoritative intergovernmental assessment of where renewable energy stands and where it is heading.
Why we picked this
IRENA data is the gold standard for renewable energy cost tracking. When solar and wind advocates cite cost declines, the numbers usually originate here. The reports are free, comprehensive, and carry the weight of an intergovernmental organization with 168 member states.
Key takeaways
- Offshore wind LCOE reached $0.081/kWh globally in 2022, moving from 258% above the cheapest fossil option in 2010 to 5% below it.
- Solar LCOE decline has been driven by module costs (roughly 45%), EPC/installation (28%), inverters (9%), and racking (9%).
- 91% of newly commissioned renewable energy capacity in 2023 was cheaper than the cheapest available fossil fuel option, up from 62% in 2020.