Prices for renewable energy, meanwhile, continue to fall. Wright’s Law explains why some technologies get cheaper as production increases, with learning rates that remain remarkably consistent across decades. Such is the case for wind, solar, and batteries, as shown by recent reports from the UN and International Renewable Energy Agency. With global cost declines of 2.5x–4x over the past decade —and 9x for battery storage — clean energy systems are increasingly affordable around the world.

With natural gas prices rising, and the costs of renewables declining, markets are quickly tipping. Before 2018, most clean energy projects were more expensive than their fossil fuel alternatives (on a levelized cost basis). But in 2024, more than 90 percent of installed renewable energy capacity was cheaper. Nearly all nations see the cheapest new capacity from solar or wind, and nearly half the world’s electricity demand comes from countries where solar-plus-storage already beats fossil fuels on price.