Renewable energy remains cheapest power builds

Friday, 20 June 2025 00:06 - - {{hitsCtrl.values.hits}}

Renewable power like solar and onshore wind is the least expensive and quickest power generation source to deploy, even without government subsidies, Lazard said in a recent report according to Reuters.

It said the cost to build new gas-fired power plants, meanwhile, has hit a 10-year high amidst the country’s record electricity use and growing backlogs for turbines and other equipment needed to construct the plants, Lazard, a global financial services firm, said in its annual Levelized Cost of Energy+ analysis.

Different power-producing sources have varying implications for the reliability of the electric grid and for climate change.

The cost to build a utility-scale solar farm ranged from $ 38 to $ 78 per megawatt hour, while costs for natural gas combined cycle plants were $ 48 to $ 107 per megawatt hour. Smaller-scale community solar and gas peaker plants, meanwhile, were considerably more expensive.