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

Published by Statista Research Department, Oct 29, 2024

As of 2017, fossil gas was the cheapest source of energy at 60 U.S. dollars (USD) per megawatt hour (MWh). This price steadily increased, reaching 90 USD/MWh as of 2023, making fossil gas the most expensive option for energy. While solar energy was priced at 102 USD/MWh in 2017, the price is forecasted to reach 35 USD/MWh in 2025, lowering again to 25 USD/MWh by 2028.

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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Supplementary notes

*Forecasted figures based on faster learning rate.

Levelized cost of energy

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