Renewable energy, led by solar power, could make up 80% of the growth in electricity generation over the next decade, according to a report published by the International Energy Agency. Solar power is even being dubbed the "new king" of global markets by renewable energy experts.
With the International Energy Agency calling solar the cheapest form of electricity in history, now consistently cheaper than burning coal or natural gas in most countries, it's evident that Solar's new status as the dominant leader of the power markets is a global phenomenon.
Solar energy is seeing impressive growth all over the world. From 2000-2019, total global solar generation increased by 664 gigawatt-hours. Moreover, a sevenfold increase in growth of solar is expected for the next 20 years. While hydropower is currently still the largest source of renewable power, PV could grow three times faster from now till 2040.
Some governments around the world are including environmental commitments in their coronavirus recovery plans. They are facing pressure to use the pandemic as an opportunity to tackle the climate crisis by moving away from fossil fuels. For example, President Xi Jinping's pledge to make the country carbon neutral within 40 years will require the whole country to dramatically reduce its use of fossil fuel.
Much of this growth can be owed to the fact that Solar photovoltaic cells are now one of the cheapest sources of electricity in history thanks to maturing technologies and policies that have reduced the cost of investments. Cheap finance and maturing technology mean solar will be cheaper than both new coal or gas power plants from now onward. According to the International Renewable Energy Agency, electricity costs from large-scale solar photovoltaic installations have fallen from roughly 38 cents per kilowatt-hour in 2010 to a global average of 6.8 cents per kilowatt-hour last year.
With this unprecedented growth that’s expected, it’s no wonder energy experts are naming solar as the new king of renewables. For homeowners of the whole world, this news means that right now is a great time to take advantage of the affordable financing and promising future that solar has to offer. For SOLARPARTS, it is definitely the right time. As the best off-grid solar, professional solar power station, operation and maintenance manufacturer, SOLARPARTS can be your trusted solar panel manufacturer. If you are interested in solar energy, contact us without any hesitation, we will provide free consultation for you. You can contact us with the following information:
Phone: +86-13923729619 Fax: +86-755-28720791
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Email address: Philip@isolarparts.com