Solar and wind energy, combined with battery storage, now provide round-the-clock electricity at a lower cost than fossil fuels in regions with the best natural resources. This is according to a new report from the International Renewable Energy Agency (IRENA) published on Wednesday. The study's findings come amidst a global energy crisis that has sharply accelerated demand for clean energy alternatives, MTU Solutions reports.

A Turning Point in Energy Costs

IRENA’s report, "Renewable Energy 24/7: The Economics of Reliable Solar and Wind Power," found that the levelized cost of electricity (LCOE) for solar plants with storage ranges from $54 to $82 per MWh in high-resource regions. For comparison, building new coal-fired power plants in China costs between $70 and $85 per MWh, while new gas-fired plants exceed $100 per MWh globally.

Since 2010, total installation costs have fallen by 87% for solar PV systems and 55% for onshore wind, while the cost of battery storage has plummeted by 93%. IRENA predicts a further decrease of approximately 30% by 2030, potentially bringing the LCOE below $50 per MWh at the most efficient sites.

"The long-standing argument about the unreliability of renewable energy is no longer valid. Today, they are capable of providing reliable 24/7 power supply," said IRENA Director-General Francesco La Camera. According to him, "The economics of the entire energy system have changed. The battery revolution has reduced costs and accelerated the development of energy storage systems." UN Secretary-General António Guterres called the findings evidence that "another path is now possible," emphasizing that "Renewable energy is becoming an increasingly affordable, reliable, and secure option."

Sharp Increase in Clean Energy Exports

The report's publication coincided with record-breaking figures for Chinese solar panel exports. According to Ember, China exported 68 gigawatts of solar products in March—double the amount in February and 49% higher than the previous record set in August 2025. In the same month, 50 countries recorded historic highs for imports of Chinese solar products.

The export surge was driven by two factors: the approach of April 1—the date for the abolition of export tax rebates on photovoltaic products in China—and the desire of countries to reduce dependence on fossil fuels amid ongoing conflict in the Middle East. Total Chinese exports of solar panels, batteries, and electric vehicles in March rose by 70% year-on-year, reaching a record $21.9 billion.