'Renewables remain competitive with fossil fuels'
- Admin
- Sep 24, 2024
- 3 min read
Renewables remain competitive despite fossil fuel prices returning closer to historical cost levels. In 2023, 81% of newly commissioned utility-scale renewable projects had lower costs than fossil fuel-fired alternatives. Solar's global costs were 56% lower than fossil fuel and nuclear options in 2023. The renewable power deployed globally since 2000 has saved up to $409bn in fuel costs. The growth of renewables exemplifies the cost-competitiveness of renewable power. Renewable energy sources like solar PV and onshore wind are expected to have significant impacts on the tripling of renewables by 2030.
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