2015 marks record for renewable energy: IRENA

Renewable power capacity increased by 152 gigawatts (GW) or 8.3 percent in 2015, the highest annual growth rate on record, according to new data released on Thursday.

The International Renewable Energy Agency (IRENA) published a report, showing that wind power grew 17 percent driven by declines in onshore turbine prices of up to 45 percent since 2010.

Solar power capacity increased 37 percent thanks to the price drops of up to 80 percent for solar photovoltaic modules in the same time period.

Hydropower capacity increased by three percent, while both bio-energy and geothermal energy capacity increased by five percent.

"Renewable energy deployment continues to surge in markets in the world, even in an era of low oil and gas prices," said IRENA Director-General Adnan Z. Amin.

He added that declining costs along with economic, social and environmental drivers are favoring renewable energy over the conventional.

With the record 286 billion U.S. dollars invested in renewable energy in 2015, the rapid growth indicates that renewable energy is now the preferred option for power generation, Amin added.

The fastest surge came from developing countries. Central America and the Caribbean expanded by 14.5 percent, while the rate registered 12.4 percent in Asia, taking up 58 percent of the world's total renewable power generation last year.

"The figures showed that renewables are powering economic growth of the fastest booming economies," said Amin. Endit