IRENA Report: Solar + Storage Now Delivers 24/7 Renewable Power Below Fossil Fuel Costs

The International Renewable Energy Agency (IRENA) released its landmark '24/7 Renewables: The Economics of Firm Solar and Wind' report on May 6–7, 2026, confirming that solar-plus-storage in prime global locations now delivers round-the-clock power at $54–$82/MWh — cheaper than new coal ($70–$85/MWh) and new gas (>$100/MWh globally). Firm wind-plus-storage costs ranged from $59/MWh (Inner Mongolia, China) to ~$94/MWh in other markets. Solar PV costs have fallen 87% since 2010 and battery storage costs by 93%. The report is the first comprehensive analysis confirming that 24/7 clean electricity — without firm fossil fuel backup — is economically superior to new fossil fuel generation in key renewable-rich regions including Chile's Atacama, the Middle East, parts of India, and southern Europe. IRENA projects a further 30% cost reduction by 2030 as manufacturing scale continues to expand. The finding effectively removes the traditional 'intermittency cost' argument against renewable energy as a primary baseload provider, marking a decisive turning point for energy investment decisions globally.