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A revolution in the renewable energy source domain is picking up speed after a new study released by the International Renewable Energy Agency (IRENA) revealed plummeting costs for wind and solar power.

The International Renewable Energy Agency noted renewable power generation technologies reached a historical level of competitiveness between 2013 and 2014.

As Grist's David Roberts points out in a series of graphs he boiled down from the report, power from geothermal, hydro and onshore wind are in the same competitive price range as traditional fossil fuels.

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Since the end of 2009, solar photovoltaic (PV) module costs have fallen 75 percent, placing solar PV power generation at the top of the stack in terms of cost decline, ComputerWorld says. Electricity costs from utility-scale solar PV have also dropped, falling 50 percent since 2010.

As of now, wind and solar are the only renewable energy sources seeing a decline in cost, as biomass, geothermal and hydropower are relatively mature technologies, according to Vox.

Deutsche Bank released a report this month, as well, predicting the cost of solar power generation to drop 40 percent over the next three to four years. The report also predicts coal and oil-fired plant energy costs will fall to the cost of rooftop solar power in two years.

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Adaba Sultan Ahmed al Jabber, the United Arab Emirates' minister of state, stated although oil prices are rapidly falling, they will not affect the current trend for costs of renewable energy sources, according to ComputerWorld.

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