The world added record levels of renewable energy capacity in 2016, even as investment in clean energy fell, the United Nations Environment Programme (UNEP) reported. “Ever-cheaper clean tech provides a real opportunity for investors to get more for less,” said UNEP executive Director Erik Solheim.

The report, Global Trends in Renewable Energy Investment 2017, found that wind, solar, biomass and waste-to-energy, geothermal, small hydro and marine sources added 138.5 gigawatts to global power capacity in 2016, up from 127.5 gigawatts added the year before. According to the press release, this difference is roughly equals to the energy created from the world’s 16 largest existing power producing facilities combined.

Another key finding is the decreasing cost of clean energy, as compared with traditional fuels. For example, the average dollar capital expenditure per megawatt for solar photovoltaics and wind dropped by over 10 per cent.

This meant that investors got “more bang for their buck,” according to UN Environment, which published today’s report along with the Frankfurt School-UNEP Collaborating Centre and the Bloomberg New Energy Finance. “Investment in renewables capacity was roughly double that in fossil fuel generation,” the UN programme said. While the capacity from renewables was equivalent to 55 per cent of all new power, the highest to date, total investment was $241.6 billion, the lowest since 2013.