Transition to a cost-effective and low-carbon energy technology is necessary for achieving sustainable development goals in this modern era. High economic and storage costs of renewable energy are the key hindrances to the country's consistent and sustainable electricity supply. Although conventional sources are more cost-competitive than renewables, they are limited in amount, pose environmental threats, and depend on other countries for import are the key concerns. Studies revealed that renewable energy sources with storage requirements are more cost-competitive than conventional ones. This study critically examines the LCOE metric used for checking the feasibility of electricity generation technologiesfor 20 to 40 years.Levelized electricity cost of power generation technologies will decrease if we move to 100% renewable energy adoption. Following the introduction, we discussed assumptions made for estimation, parameters involved in the metric, and the cost components ignored by this metric. Most studies considered producer cost for comparing the electricity generation technologies ignoring the additional consumer and external costs with societal implications, which is inadequate for decision and policy-making. Previous studies also ignored critical components such as inflation rate, integration, and system costs for comparing the electricity generation technologies feasibility. However, there is no agreement on this opinion due to the wide disparity in factors influencing electricity costs of technologies (LCOE) across nations. The additional costs integration (storage cost, external cost) would result in a more comprehensive evaluation of power-generating projects and the system. Therefore, there is a need to modify the LCOE metric by incorporating other significant components.