Renewable energy represented more than half the new power capacity in the world in 2015, reaching a record 153 gigawatts (GW) -- 15% more than the previous year, according to a new report.
Most of the gains were driven by record-level wind additions of 66GW and solar photovoltaic (PV) installations of 49GW, according to the the report from the International Energy Agency (IEA).
The IEA projects global renewable electricity capacity will grow by 42%, or around 825GW by 2021. That's up 13% from the IEA's projections in 2015.
Wind accounted for 41% of all new electrical generation capacity installed in the U.S. in 2015, according to the the U.S. Department of Energy's Revolution Now: Update 2016 report. In 2015, total utility-scale solar power capacity in the U.S. grew 43% over 2014, reaching nearly 14,000 megawatts (MW).
The report also noted the price of renewables has fallen by as much as 94% in the last eight years due to "huge strides in research and investment."
Renewable energy generation costs now range from $30 per megawatt hour (MWh) to $50 MWh for both onshore wind and solar PV. Utility-scale solar power costs are expected to drop by about 25% from now through 2021. Onshore wind generation costs are expected to drop 15% on average by 2021.
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