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Cost of renewable energy versus fossil fuels worldwide from 2017 to 2023 with a forecast for 2028, by energy type (in U.S. dollars per MWh)

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*Forecasted figures based on faster learning rate.

Levelized cost of energy

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Cost of renewable energy versus fossil fuels worldwide 2017-2023 with a 2028 forecast

Published by ÌÇÐÄÆƽâ°æ Research Department, Jul 25, 2024

As of 2017, fossil gas was the cheapest source of energy at ** U.S. dollars (USD) per megawatt hour (MWh). This price steadily increased, reaching ** USD/MWh as of 2023, making fossil gas the most expensive option for energy. While solar energy was priced at *** USD/MWh in 2017, the price is forecasted to reach ** USD/MWh in 2025, lowering again to ** USD/MWh by 2028.

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