Cheap Solar Power Pushes Renewables Growth Worldwide

The share of total global electricity production generated by renewable energy is climbing, mainly because solar photovoltaic systems are becoming less expensive, according to a report released Monday by the United Nations Environment Programme and Bloomberg New Energy Finance.

Wind, solar and other renewables, excluding hydropower, were 8.5 percent of total global electric power generation last year, up from 7.8 percent in 2012, the report says.

Though the U.S. was the largest investor among developed economies in renewables last year at $33.9 billion, it was down 10 percent from 2012 because low natural gas prices helped bring about the shale gas boom, depressing clean energy development, according to the report. 

The shale gas boom also contributes to overall uncertanty about the United States' policy commitment to renewables, the report says.

Cheap Solar Power Pushes Renewables Growth Worldwide