Solar and wind energy paired with battery storage deliver reliable, cost-effective, and round-the-clock electricity, making them the most affordable, dependable and secure option, according to a new report by the International Renewable Energy Agency (IRENA) on Wednesday.
In prime solar and wind regions, hybrid solutions combined with storage deliver round-the-clock power at lower costs than fossil fuels, IRENA said in its report.
Firm levelized costs of electricity (firm costs) for solar and storage range from $54 to $82 per megawatt-hour (MWh) in high-quality resource regions, compared with $70-85 per MWh for new coal in China and more than $100 per MWh for new gas globally, it added.
IRENA noted that firm costs have declined rapidly, driven by falling costs for solar PV, wind power and battery storage. "Since 2010, total installed costs declined by 87% for solar PV and by 55% for onshore wind. Battery storage costs fell even more sharply, declining by 93%."
Commenting on the report, Secretary-General of the United Nations Antonio Guterres, stated that the worst energy crisis in decades has exposed the true cost of fossil fuel dependence.
He underlined that another path is now possible. "Renewable power is increasingly the most affordable, reliable and secure option."
"Let us accelerate the transition, invest in energy infrastructure, and strengthen international cooperation to finally deliver clean, homegrown power to people everywhere," he stated.
IRENA Director-General Francesco La Camera said that the long-standing argument that renewables lack reliability no longer holds. "Today, renewables can deliver reliable, round‑the‑clock power."
He also explained that as oil and gas markets remain exposed to geopolitical shocks, global economies must insulate themselves with resilient renewable systems.
"The economics of the entire energy system have shifted. The battery revolution has driven down costs while accelerating advances in storage," La Camera underlined.
He also highlighted that the advantage of renewables is not only economic but strategic, strengthening resilience, stability, and energy security in times of crisis.
By Gulsen Cagatay
Anadolu Agency
