This study was commissioned by Ecomagination of General Electric and carried out by the Joint Institute for Strategic Energy Analysis. It describes recent trends in renewable electricity (RE) costs and technology improvements. RE technologies, led by wind and solar photovoltaics, have accounted for roughly half of all new capacity additions around the world since 2011. This research highlights how RE costs have declined to the point of being increasingly competitive with many traditional generation options, even without incentives. This study focuses on costs and brief technology assessments; it does not consider the many complex market and policy issues that influence deployment of technologies. It also restricts itself to RE costs at the busbar, or point of departure from the power plant. Transmission and integration costs are complex, highly site-specific, and beyond the scope of this study. The authors calculate the levelized cost of electricity generation for three regions of the world as the technologies are understood today, and based on expected changes over the next decade. Of course, no one knows how costs will actually change over that time, so the results should be considered as one view of the future. The estimated costs used in this study were taken from a combination of literature reviews and expert interviews. The technology assessments in this study also come from a combination of materials from published literature and from expert interviews with scientists at the National Renewable Energy Laboratory in late 2014. Finally, the authors present case study "snapshots" of RE deployment trends in two countries: China and the United States. While there are many other interesting stories to tell about RE deployment around the globe, the authors chose these two because of their sizes, dynamism, and unique policy environments. Although an analysis of market and policy effects on RE is beyond the scope of this study, these case studies provide real world context for the RE technology trends described throughout the paper. ix This report is available at no cost from the National Renewable Energy Laboratory (NREL) at www.nrel.gov/publications. Globally, RE continues to benefit from transparent long-term pricing, low or reduced water intensity, use of domestic resources, and contribution to local, regional, and global policy goals of meeting renewable energy and environmental standards. Financial incentives and subsidies are less likely to play a substantial role in the expansion of RE going forward than they have previously, given increasing cost competitiveness within the current economic structures. Indeed, in many locations, many RE technologies are already cost competitive with new conventional generating sources even without financial support. However, a subsidy-free world does not imply a policy-free environment. Moving forward, energy policies may focus more on enabling integration, alternative market designs (such as one that values flexibility), and operational advances. Countries all over the worl...