Falling prices enable global renewables growth at reduced costs

Countries around the world have added record volumes of new renewable power capacities at cheaper prices, according to a joint report by the Frankfurt School – UNEP Collaborating Centre and Bloomberg New Energy Finance. Expenditures for new renewables fell by 23 percent but capacity increased by 138.5 gigawatts (GW) in 2016, nine percent more than in the previous year. Investments in Europe grew by 3 percent to nearly 60 billion dollars. In Germany, expenditures fell by 14 percent to 13.2 billion dollars, still making it the second biggest investor in renewable energies in Europe after the UK (24 billion dollars), the report says. Avergage dollar capital expenditure per megawatt for solar photovoltaics and wind dropped by over 10 percent, it adds. "After the dramatic cost reductions of the past few years, unsubsidised wind and solar can provide the lowest cost new electrical power in an increasing number of countries," BNEF's chairman Michael Liebreich said.

Find the report’s key findings in English here.

Find a press release in English here.

For background, see the CLEW factsheet Germany’s energy consumption and power mix in charts.