The Sun Is Shining Bright on Solar Energy Growth

Published on: December 8, 2019 / Update from: August 22, 2020 - Author: Konrad Wolfenstein

The IEA estimates that by 2024, global combined renewable energy capacity will increase by 1,200 GW of capacity, equivalent to the electricity capacity installed in the United States today. Power capacity refers to how much power each energy source could deliver under ideal conditions. Last year, global renewable energy capacity was just over 2,500 GW of electricity. The newly published report expects renewable energy to grow by 50 percent over the next five years.

Solar photovoltaic energy is expected to account for about 60 percent of renewable energy growth over the next five years. The declining average installation and implementation costs of solar energy will contribute to its expansion. Back in 2010 SEIA reported that each watt produced by solar energy cost about $5.00. That price fell to about $1.00 per watt by the second quarter of this year. Governments' increased focus on renewable energy is expected to help continue the downward trend in costs.

IEA estimates that by 2024 the global combined capacity of renewable sources of energy will add 1,200 GW of capacity, the equivalent of installed power capacity in the United States today. Power capacity refers to how much power each energy source would be able to supply under ideal conditions. As of last year, renewable capacity was just over 2,500 GW of power globally. Over the next five years, the newly released report anticipates renewable energy to grow by 50 percent.

Solar photovoltaic energy is expected to account for about 60 percent of the renewable growth over the next five years. The falling average cost of installation and implementation for solar will aid in its expansion. Back in 2010, SEIA reports that each watt produced by solar costs about $5.00. That price dropped to right around $1.00 per watt by the second quarter of this year. The increased focus on renewables by governments is expected to help continue the downward trend in costs.