“The cost of generating power from renewable energy sources has reached parity or dropped below the cost of fossil fuels for many technologies in many parts of the world,” Irena said –noting that the RE advantage increasingly often holds true even without the need for subsidies.
PV is at the forefront of the cost declines, with the cost of utility-scale solar installations sliding to the range of fossil-fuel generation in China, North America and South America, according to IRENA's new Renewable Power Generation Costs in 2014 report.
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