New stats show building wind and solar saved $81 billion in fossil fuel costs in 2021. 

A new report by the International Renewable Energy Agency (IRENA) estimates that wind and solar technologies achieved massive cost reductions in 2021.

The report suggests the cost of electricity from onshore wind fell by 15 per cent, offshore wind by 13 per cent and solar PV by 13 per cent compared to 2020.

Almost two-thirds or 163 gigawatts (GW) of newly installed renewable power in 2021 had lower costs than the world’s cheapest coal-fired option in the G20. 

IRENA estimates that, given the current high fossil fuel prices, the renewable power added in 2021 saves around US$55 billion (AU$80.88 billion) from global energy generation costs in 2022.

“Renewables are by far the cheapest form of power today,” says Francesco La Camera, Director-General of IRENA. 

“2022 is a stark example of just how economically viable new renewable power generation has become. 

“Renewable power frees economies from volatile fossil fuel prices and imports, curbs energy costs and enhances market resilience – even more so if today’s energy crunch continues.”