The Sun Is Shining Bright on Solar Energy Growth

Published on: December 8, 2019 / Updated on: August 22, 2020 – Author: Konrad Wolfenstein

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

Photovoltaic solar energy is expected to account for approximately 60 percent of renewable energy growth over the next five years. Declining average installation and implementation costs for solar power will contribute to its expansion. As early as 2010, SEIA reported that each watt of solar energy cost approximately $5.00. This price fell to about $1.00 per watt by the second quarter of this year. Increased government focus on renewable energy is expected to help continue this 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.