Renewables were the biggest new source of electricity last year as the cost of building new wind and solar farms fell.
Clean energy provided 55 percent of all new capacity added worldwide, the most ever, and total investment was about double the amount for generators driven by fossil fuels, according to a report published Thursday by UN Environment, the Frankfurt School-UNEP Collaborating Centre and Bloomberg New Energy Finance.
Investment in clean power dropped 23 percent from 2015 to $241.6 billion, meaning that the new capacity installed came at a lower price. The average capital expenditure for a megawatt of wind and solar fell more than 10 percent, according to the study, and they are some of the cheapest sources of electricity in some countries.
“Renewables are much more competitive than they were five years ago,” Angus McCrone, chief editor at Bloomberg New Energy Finance, said in an interview. “In an increasing number of places, wind and solar may be the cheapest option.”