Levelized Cost takes into account the replacement costs of an energy source. I don't know how solar and wind get rated because their efficiencies have supposedly improved with time. I should look that up.

The latest EIA publication on Levelized Cost is so complicated. Those economists have gone wild. They have now added battery storage. What is interesting is that they project the costs into the future and take account of two types of tax credits. There will be a phase out of credits over time. But what I find concerning is that the renewables will be built and added to the grid before these credits expire and we will be stuck with them. Another thing I noticed is how they have managed to make it look how renewables now compete nuclear and fossils fuels (which was not the case in the past). source: https://www.eia.gov/outlooks/aeo/pdf/electricity_generation.pdf