The renewable based electricity generation technologies were assessed against a range of sustainability indicators using data obtained from the literature. These indicators are cost of electricity generation, greenhouse gas emissions and energy pay-back time. All the three parameters were found to have a very wide range for each technology. For grading different renewable energy sources a new figure of merit has been proposed, linking greenhouse gas emissions, energy pay-back time and cost of electricity generated by these renewable energy sources. It has been found out that wind and small hydro are the most sustainable source for the electricity generation.