Abstract Renewable energies, such as solar and wind energy, play a critical role in achieving rapid decarbonization to limit global warming by replacing fossil energy. However, lack of knowledge on renewable energy potentials in developing countries is a barrier in making adequate policies to promote these energies. Thus, we have carried out a spatial and economic analysis of solar and wind energy potential at the provincial level for the first time in Nepal. Our analysis is built upon the spatial energy modeling based on technical, geographical, and economic suitability criteria, utilizing open-source geographical information system platforms. A significant amount of renewable energy could be harnessed in Nepal, i.e., up to about 47,628 MW and 1,686 MW from solar and wind energy, respectively. Similarly, Nepal has a co-location potential of about 890 and 267 MW of solar and wind energy. Karnali and Gandaki provinces have the highest solar and wind energy potential due to a large share of suitable locations with good resource quality. We estimate the 10th percentile of Levelized cost of electricity generation of 91 USD/MWh for solar and 46 USD/MWh for wind. Our findings are helpful for the formulation of resource-specific policies of Nepal at a sub-national level.