Renewable Energy Has Achieved Cost Parity: Utility-scale solar ($28-117/MWh) and onshore wind ($23-139/MWh) now consistently outcompete fossil fuels, with coal costing $68-166/MWh and natural gas $77-130/MWh, making renewables the most economical choice for new electricity. . Renewable Energy Has Achieved Cost Parity: Utility-scale solar ($28-117/MWh) and onshore wind ($23-139/MWh) now consistently outcompete fossil fuels, with coal costing $68-166/MWh and natural gas $77-130/MWh, making renewables the most economical choice for new electricity. . Each year, the U. Department of Energy (DOE) Solar Energy Technologies Office (SETO) and its national laboratory partners analyze cost data for U. solar photovoltaic (PV) systems to develop cost benchmarks. These benchmarks help measure progress toward goals for reducing solar electricity costs. . This paper presents average values of levelized costs for new generation resources as represented in the National Energy Modeling System (NEMS) for our Annual Energy Outlook 2025 (AEO2025) Reference case. System size, installation location, and type of technology used, all play crucial roles in determining the overall expenses. This data is expressed in US dollars per kilowatt-hour. Data source: IRENA (2025); IRENA (2024) – Learn more. .
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