The world added record levels of renewable energy capacity in 2016, even as investment in renewable 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 in a statement.

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 (GW) to global power capacity in 2016. That was up from 127.5 GW added the year before.

Another 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%, the report says.

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 Bloomberg New Energy Finance.

“Investment in renewables capacity was roughly double that in fossil fuel generation,” the UN program said.

While the capacity from renewables was equivalent to 55% of all new power, the highest to date, total investment was $241.6 billion, the lowest since 2013.

The authors noted drops in investment among developing countries, including China where investment had been rising the past 11 years. Investment in offshore windmills in China, however, peaked at $4.1 billion.

Meanwhile in Europe, investment rose led by the United Kingdom and Germany. The continent's investment in renewables overall rose 3% to $59.8 billion.