81% of New Renewable Energy Capacity Added in 2023 Was Cheaper Than Fossil Fuels

Despite cost increases in recent years, renewables remain cost-competitive to fossil fuels as 81% of renewable capacity additions last year were cheaper than their fossil fuel alternatives, the International Renewable Energy Agency (IRENA) said in a new report on Tuesday. Last year, a record 473 gigawatts (GW) of renewable capacity was added globally, of which 81% had lower costs than their fossil fuel-fired alternatives. “With a spectacular decline in costs to around four US cents per kilowatt hour in just one year, solar PV’s global…