The International Renewable Energy Agency (IRENA) claim that Renewable Energy will be cheaper than fossil fuel by 2020.
Increased renewable and clean power investment and the rising environmental awareness of governments are said to be the driving force, which will also cut the cost of energy for domestic and business consumers.
It is claimed that some green generation techniques are already in line with their fossil fuel equivalents such as gas, coal and oil.
The report states that solar and onshore wind generation will provide the least expensive power, with other green and renewable sources to follow suit and lie within the fossil fuel price bracket in the coming years.
Director General of IRENA, Adnan Amin stated: “Turning to renewables for new power generation is not simply an environmentally conscious decision, it is now – overwhelmingly – a smart economic one.”