Today, solar electricity costs less than $20 per megawatt-hour in several regions. The price drop happened because of innovation. New materials, automated production, and better efficiency reduced costs dramatically. Perovskite-silicon. Even without subsidies, renewables are often the cheapest option available. This chart, created in partnership with the National Public Utilities Council, shows which electricity sources are the most and least expensive in 2024, using data by Lazard. 141/kWh to. Renewable Energy Has Achieved Cost Parity: Utility-scale solar ($28-117/MWh) and onshore wind ($23-139/MWh) now consistently outcompete fossil fuels, with coal costing $68-166/MWh and natural gas $77-130/MWh, making renewables the most economical choice for new electricity generation in 2025. Renewables remain cost-competitive in the United States despite rising natural gas competitiveness, according to Lazard's 2025 “Levelized Cost of Energy+” report, which estimates combined cycle gas at $0.