The World added 30 percent more Solar Energy in 2017
There can be absolutely no doubt that Solar Energy is now the fastest growing source of Energy Worldwide. In 2017, the World added 29.3% more Solar Energy capacity than the previous year. The main drivers of this were large commercial solar farms in Europe and America, but also China and India.
The Paris based IEA has predicted that Solar will dominate future growth, with global capacity in 5 years time to be greater than the current combined total power capacity of India and Japan.
The shift was driven by falling prices and government policies, particularly in China, which accounted for almost half the solar panels installed.
RENEWABLE ENERGY GROWTH CONTRIBUTED UP TO TWO THIRDS OF NEW POWER IN 2017
Previous estimates have seriously underestimated the growth of Solar and at the speed at which new Solar energy can be installed. It is expected that Solar growth will continue to dominate all new energy capacity sources up to 2025.
The global Solar market was dominated by one country in 2016, China. China connected 34.5GW to the grid, which was a 128% increase over the previous year. This strong growth level came as a surprise but was driven by a Feed-in-tariff which led Chinese developers to install 20GW in the first six months alone. With falling prices this enabled an annual installation volume in China representing nearly half of the entire worlds new solar capacity in 2016.
Following in China’s footsteps is India, India has been over reliant on fossil fuels and in particular coal in the past, but as India attempts to move away from these dirty fuels and modernise its national grid, India is expected to double its Renewable energy output by 2022. India is set for a Solar energy boom over the next 5 years and it will overtake Europe in growth at the sametime.
As global demand continues to soar for Renewable energy installation this is having a positive downward effect on the cost of installation and price per KW generated making Renewables and in particular Solar comparable in cost to current rates through fossil fuels. If anything the IEA is underestimating the speed of growth of Renewables and they will need to change their forecast upwards to reflect the true level of Renewable growth.