Solar and Wind Cheapest Sources of Power in Most of the World

Solar and onshore wind power are now the cheapest new sources of electricity in at least two-thirds of the world’s population, further threatening the two fossil-fuel stalwarts -- coal and natural gas.

The levelized cost of electricity for onshore wind projects has fallen 9% to $44 a megawatt-hour since the second half of last year. Solar declined 4% to $50 a megawatt-hour, according to a report Tuesday by BloombergNEF.

The prices are even lower in countries including the U.S., China and Brazil. Equipment costs have come down, technologies have improved and governments across the world have boosted clean-power targets ...