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Levelized Cost of Energy
Data from IRENA Renewable Power Generation Costs 2023 and Lazard LCOE+ v17.0. All values in 2023 USD/MWh.
$49/MWh
Global weighted avg (2023)
$52/MWh
Global weighted avg (2023)
$75/MWh
Global weighted avg (2023)
-89%
Since 2010 (IRENA)
Global weighted-average LCOE by technology in 2023 USD/MWh
Solar PV, onshore wind, and offshore wind data from IRENA global weighted averages. Battery storage from Lazard LCOE+ (4-hour duration). Gas CCGT and coal from Lazard/EIA. Values in 2023 USD/MWh.
Year | Technology | Region | LCOE ($/MWh) | Range | Source |
|---|---|---|---|---|---|
| 2023 | Solar | Global | $49 | - | IRENA |
| 2023 | Onshore Wind | Global | $52 | - | IRENA |
| 2023 | Offshore Wind | Global | $75 | - | IRENA |
| 2023 | Solar | North America | $31 | $24 - $96 | Lazard |
| 2023 | Onshore Wind | North America | $50 | $24 - $75 | Lazard |
| 2023 | Offshore Wind | North America | $114 | $72 - $140 | Lazard |
| 2023 | Battery 4h | North America | $146 | $117 - $178 | Lazard |
| 2023 | Gas CCGT | North America | $70 | $45 - $74 | Lazard |
| 2023 | Coal | North America | $117 | $68 - $166 | Lazard |
| 2023 | Solar | Europe | $71 | $44 - $118 | IRENA |
| 2023 | Onshore Wind | Europe | $56 | $35 - $93 | IRENA |
| 2023 | Offshore Wind | Europe | $80 | $53 - $120 | IRENA |
| 2023 | Battery 4h | Europe | $165 | $130 - $210 | Lazard |
| 2023 | Gas CCGT | Europe | $90 | $65 - $120 | EIA |
| 2023 | Coal | Europe | $130 | $85 - $152 | EIA |
| 2023 | Solar | China | $39 | $25 - $56 | IRENA |
| 2023 | Onshore Wind | China | $43 | $28 - $65 | IRENA |
| 2023 | Offshore Wind | China | $64 | $48 - $89 | IRENA |
| 2023 | Battery 4h | China | $105 | $80 - $140 | Lazard |
| 2023 | Gas CCGT | China | $75 | $55 - $95 | EIA |
| 2023 | Coal | China | $65 | $50 - $80 | EIA |
| 2023 | Solar | India | $36 | $26 - $48 | IRENA |
| 2023 | Onshore Wind | India | $46 | $31 - $64 | IRENA |
| 2023 | Offshore Wind | India | $95 | $72 - $130 | IRENA |
| 2023 | Battery 4h | India | $130 | $100 - $170 | Lazard |
IRENA
Renewable Power Generation Costs in 2023 (June 2024). Global weighted-average LCOE for solar PV, onshore wind, and offshore wind.
Lazard
Levelized Cost of Energy+ v17.0 (April 2024). US-focused LCOE ranges including battery storage, gas, and coal.
EIA
Annual Energy Outlook 2024. Regional fossil fuel cost estimates and supplementary data.
Source: IRENA Renewable Power Generation Costs 2023, Lazard LCOE+ v17.0, EIA Annual Energy Outlook 2024. All values in 2023 real USD/MWh. Figures represent central estimates; actual project costs vary significantly by location, resource quality, and financing conditions.