Nearly 62% of total renewable power generation added last year had lower costs than the cheapest new fossil fuel options.

A new report by the International Renewable Energy Agency (IRENA) suggests costs of renewable energy technologies continued to fall year-on-year in 2020 with the global weighted-average levelised cost of electricity (LCOE) from new capacity additions of concentrating solar power declined by 16%.

Last year. new onshore wind installations recorded a 13% cost reduction compared to 2019, followed by offshore wind with a 9% fall and utility-scale solar PV by 7%.

IRENA also forecasts the new renewable projects installed last year would bring a saving of around $156 billion (£111bn) over their lifespan.

IRENA’s Director-General Francesco La Camera said: “Today, renewables are the cheapest source of power.

“Renewables present countries tied to coal with an economically attractive phase-out agenda that ensures they meet growing energy demand, while saving costs, adding jobs, boosting growth and meeting climate ambition.”