The International Energy Agency has seen strong growth in the renewable energy sector, especially in the use of solar energy. According to the institution, global supplies of renewable electricity are growing faster than expected and could expand by 50% in the next five years and, in these evidence, solar projects are rolling out at their fastest rate in four years, as wind and hydropower projects.
The Agency expects solar energy to play the biggest role in jumpstarting fresh growth in global renewable energy because falling costs are already below retail electricity prices in most countries. The cost of solar power is expected to decline by a further 15% to 35% by 2024, spurring further growth over the second half of the decade.
Renewable energy sources make up 26% of the world’s electricity today (600GW, as the installed total electricity capacity of Japan), but according to the Agency its share is expected to reach 30% by 2024 (1,200GW, as the total electricity capacity of the US). The resurgence follows a global slowdown last year, due to falling technology costs and rising environmental concerns.
The report states that the growing climate ambitions in the European Union and the United States (led by Austria, Belgium and the Netherlands in the “old continent”, California in the “new world” and, in addition, Australia in the “brand new world”) played the most important role in increasing forecasts and energy consumption, forecasting an increase in the number of domestic solar panels of around 100 meters of roofs by 2024, but it will be China that paves the way for energy projects wind and solar.
However, in addition to state incentives, factories are expected to be the biggest driver of the solar power boom as company bosses exploit falling costs to help cut their energy bills.