A landmark United Nations report details a monumental shift in global power generation that puts renewables at the forefront of affordable energy around the world.
Solar power is now 41% cheaper, and onshore wind 53% cheaper than the cheapest new fossil‑fuel alternative. These reductions are not just theoretical—they translate into tangible gains in affordability and wider clean energy access for consumers, businesses, and whole communities.
Globally, these cost declines are unleashing unprecedented uptake. With renewable energy projects now outcompeting fossil fuels—even without subsidies—investors and utilities are increasingly favouring solar and wind systems. This momentum drives down electricity costs for households and businesses who are also seeing clean affordable energy as viable additions to their properties.
In Canada, the impact is already visible—and growing. Analysis by Clean Energy Canada shows that in provinces like Alberta and Ontario, solar and wind are now cost-competitive with natural gas generation. Looking ahead, further cost declines of roughly 40% by 2035 are expected.
On the development front, Alberta is leading the nation. In 2023, a striking 92 percent of Canada’s new renewable capacity—including wind and solar—was built in Alberta. The province had already added over 5,600 MW of utility‑scale renewables, with more than $2.7 billion in ongoing projects, pointing to deepening accessibility and energy security growth.
Plummeting renewable power prices are transforming the economics of power—delivering cleaner, more affordable energy that encourages countries like Canada to continue investing in solar and wind energy—now reigning as both the most environmentally friendly and financially sound option.
If you’d like to explore your solar energy solutions, contact Canada’s top solar company for more information
