Ruth Orji
Verdict: Green energy has become increasingly cost-competitive with fossil fuels in recent years. In fact, the cost of renewable energy has decreased significantly over the past decade, making it cheaper than fossil fuels in many regions.
Solar and wind power, in particular, have experienced remarkable cost reductions. The global weighted-average levelized cost of electricity from utility-scale solar PV fell by 82% between 2010 and 2019, while onshore and offshore wind costs dropped by 39% and 29% respectively.
In many regions, building new renewable energy plants is now more cost-effective than operating existing coal or gas-fired power stations. For example, the estimated levelized cost of unsubsidized wind and solar is now lower than coal and combined-cycle gas turbines in many US states.
The shifting economics of energy have profound implications for the global transition away from fossil fuels. As renewables become more affordable, the economic case for clean energy grows stronger, driving increased investment and adoption of renewable technologies.