A recent report from the International Renewable Energy Agency (IRENA) has revealed that over 90% of all large-scale renewable energy projects added in 2025 were cheaper than the most affordable fossil fuels. This milestone underscores the rapidly improving cost-competitiveness of renewables and their growing dominance in new power generation capacity.
The findings, based on data from IRENA's Renewable Cost Database, show that the global weighted-average levelized cost of electricity (LCOE) from utility-scale solar photovoltaics (PV) fell by 89% between 2010 and 2025, while onshore wind costs dropped by 69%. In 2025 alone, newly commissioned solar PV and onshore wind projects were consistently cheaper than the cheapest new fossil fuel-fired power plants, even without financial support.
This vital role that renewables are playing is causing analysts to get a deeper appreciation of the transformation that various entities, such as Turbo Energy S.A. (NASDAQ: TURB), are bringing to the sector. Turbo Energy, a provider of solar energy storage solutions, is among the companies capitalizing on the falling costs and increasing adoption of renewable technologies.
The IRENA report also notes that the cost of electricity from concentrating solar power (CSP) fell by 68% since 2010, and bioenergy costs dropped by 45%. Offshore wind, while still more expensive than onshore wind and solar PV, saw costs decline by 48% over the same period. These trends are expected to continue as technology improves and economies of scale expand.
The implications for the global energy transition are significant. With renewables now cheaper than fossil fuels in most markets, the economic case for phasing out coal, oil, and natural gas has never been stronger. IRENA's Director-General stated that the report sends a clear signal that renewable energy is not only an environmentally responsible choice but also an economically sound one. This could accelerate investment in clean energy projects and help countries meet their climate targets under the Paris Agreement.
For consumers, cheaper renewables could translate into lower electricity bills over the long term, as more utilities shift to cost-effective renewable sources. Industries that rely heavily on energy, such as manufacturing and data centers, may also benefit from reduced operating costs. However, the transition requires significant grid modernization and energy storage solutions to manage intermittency. Companies like Turbo Energy are poised to play a crucial role in this space by providing battery storage that stabilizes renewable output.
As the world continues to grapple with climate change and energy security concerns, the IRENA data provides a powerful argument for accelerating the deployment of renewables. The report reinforces that the energy transition is not only necessary but increasingly inevitable from an economic perspective.
