IRENA: Solar+ESS 24/7 Levelized Cost Falls to $54/MWh, Surpasses Fossil Fuels

According to an International Renewable Energy Agency (IRENA) report released May 6, the 24-hour levelized cost of electricity for solar plus battery storage in high-quality resource areas reaches $54-82/MWh, cost-effectively surpassing new fossil fuel generation. The U.S. EIA projects that of 86 GW of new capacity deployed in 2026, solar will account for 51%, batteries 28%, and wind 14%, making renewables and storage 99% of new capacity.