IRENA’s latest cost report makes the energy transition math pretty hard to ignore. (Reuters)
Between 2010 and 2024, installation costs have cratered: Globally, solar PV fell an average 87% to $708/kW, onshore wind decreased 55% to $1,066/kW, and BESS tumbled 93% to $197/kWh. And over the next decade, levelized costs for solar-plus-battery storage are projected to fall 40%.
Yes, but: The US still pays a premium. Per IRENA’s country comparison, American BESS costs remain higher than in several major markets, meaning the global cost collapse is real—but not evenly distributed.