Renewables were the biggest new source of electricity in 2016 as the cost of building new wind and solar farms fell, according to a report published jointly by UN Environment, the Frankfurt School and Bloomberg New Energy Finance. Clean energy provided 55 percent of all new capacity added worldwide, the most ever, and total investment was about double the amount for fossil fuel electricty generators. 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. The data are similar to findings from the International Energy Agency, which said the capacity of renewables added in 2015 exceeded additions from all other sources for the first time and that the total installed base for renewables has now passed that for coal.

– via Bloomberg / Mark Chediak

 

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