Update 09.09.2014: Updated to epel release 7-2
Update 06.12.2014: Updated the Epel 7-2 location
Update 31.07.2015: Updated to Epel 7-5 location

CentOS 7 is out and based on CentOS 6.X: How To Install The EPEL Repository here is EPEL for Centos 7.x

All commands are to be executed as root.

rpm -Uvh https://dl.fedoraproject.org/pub/epel/7/x86_64/e/epel-release-7-5.noarch.rpm

There is also an update for a repo called remi which is also providing some bleeding edge packages and updates.
This is highly optional and not related to EPEL.

If you like to install that one, here we go.

rpm -Uvh http://rpms.famillecollet.com/enterprise/remi-release-7.rpm

To enable certain remi repositories use vi and set enabled=1 where it applies

vi /etc/yum.repos.d/remi.repo
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