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The LCOE of fixed-tilt solar PV hit US$39/MWh in 2025, higher than the forecast of US$35/MWh made by BNEF last year. Image: Rafael Cruz.

The levelised cost of electricity (LCOE) for fixed-tilt solar PV increased by 6% between 2024 and 2025, according to Bloomberg New Energy Finance (BNEF), but solar remains the cheapest source of electricity generation.

BNEF’s latest report into the LCOE of several energy generation technologies, published last month, showed the cost of fixed-tilt solar PV tick upwards to US$39/MWh in 2025. Despite this increase, solar remains the cheapest source of electricity generation, both among renewable technologies and fossil fuels; the cost of solar is less than half of the US$102/MWh reported for combined cycle gas turbine (CCGT) and less than one-fifth of the US$258/MWh reported for conventional nuclear power.

By JP Casey