Abstract: The operational capacity of new energy projects is affected by internal and external factors such as electricity prices, taxes, consumption, participation in the electricity market, cost control, and technical level. The results show that for every 0.01 RMB/kWh decrease in onshore wind power price, the IRR of project capital decreases by 0.736 percentage points on average. The IRR of centralized PV project drops from 9.07% to about 1% as the market-based electricity and electricity price fluctuations increase from 20% to 50%. For every 20 percentage points increase in the average green power transaction ratio, the IRR of PV projects increases by 0.26 percentage points, the IRR of wind power projects increases by 0.5 percentage points. The IRR of PV projects increases by about 0.29 percentage points for every 0.1 RMB/W decrease in the initial investment cost of the projects, and the IRR of wind power projects decreases by 1.85 percentage points for every 500 RMB/kW increase in the unit investment cost of the projects. New energy enterprises need to systematically strengthen the ability to participate in market operations, form a revenue as the core of the power market participation strategy, and continue to increase the level of scientific and technological innovation, and enhance the competitiveness of new energy projects by means of intensive management.