Round-the-clock renewable power is moving from theory to economics, according to a new report from the International Renewable Energy Agency.
IRENA’s paper, 24/7 Renewables: The Economics of Firm Solar and Wind, argues solar and wind are no longer just cheap sources of electricity when the weather is right but increasingly viable as firm power when paired with batteries, overbuild and flexibility.
The central question is simple: can renewables provide clean electricity every hour of the day, not just when the sun shines or the wind blows?
IRENA says the answer is increasingly yes, with the cost of firm renewable electricity falling fast as solar, wind and battery storage costs continue to drop.
Between 2010 and 2024, installed solar PV costs fell 87%, onshore wind costs fell 55% and battery energy storage costs fell 93%, according to the report.
The agency says this has changed the economics of reliable clean power.
Firm renewable power still costs more than standard solar or wind because it needs storage, extra capacity or system flexibility to guarantee supply across more hours.
But IRENA says that “firming premium” is falling and should continue to drop over the next five to 10 years as technology improves and manufacturing scales.
The report says solar-plus-storage is already highly competitive in some markets.
In China, firm solar-plus-storage is now below the cost of new coal-fired generation, which typically ranges from $70 (£52) to $85 (£63) per MWh, and below new gas-fired plants, which generally exceed $100 (£74) per MWh.
In the US, new combined-cycle gas plants have reached around $102 (£76) per MWh, broadly in line with firm solar and wind costs at 90% to 95% reliability in high-quality renewable regions.
IRENA says the cheapest route will not usually be solar or wind alone. At system level, combining solar and wind reduces the size and duration of shortfalls because the technologies often generate at different times.
That means less storage is needed and the overall cost of firm renewable power falls.
The report cautions that firm renewable power is not the same as full system reliability, which also depends on grids, interconnectors, demand response, long-duration storage and other flexible technologies.
But the direction is clear: the old argument that renewables cannot provide dependable power around the clock is getting weaker as costs fall and hybrid clean energy systems mature.
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