Renewable energy capacity is set to expand 50% between 2019 and 2024, led by solar energy. This is according to The International Energy Agency (IEA)’s ‘Renewable 2020’ report, which found that renewable energy projects are rolling out at their fastest rate in years. making for the argument that the future lies in using renewable energy.
The Future of Renewable Energy: Growth Projections
Renewable energy resources make up 26% of the world’s electricity, but its share is expected to reach 30% by 2024. This is due to falling technology costs and rising environmental concerns.
By 2024 solar capacity in the world will grow by 600 gigawatts, almost double the total electricity capacity of Japan. Overall, it will grow by 1 200 GW by 2024, the equivalent of the total electricity capacity of the US.
The IEA was initially created after the wake of the 1973 oil crisis. It now acts as an energy policy advisor to many countries to shape energy policies for a secure and sustainable future.
Solar Will Become 35% Cheaper By 2024
When the sun shines onto a solar panel, energy from the sunlight is absorbed by the PV cells in the panel. This energy creates electrical charges that move, causing electricity to flow.
Experts predict that the US will double its solar installations to four million by 2023. In 2018, the UK had over one million solar panel installations and Australia reached two million. A big reason for this increased uptake is the fall in prices to install the panels.
The cost of solar PV-based power declined by 13% in 2018, while 72% of coal-based power will become globally unprofitable by 2040. The IEA report found that solar energy will account for 60% of the predicted renewable growth, primarily due to its accessibility. Compared with the previous six-year period, the expansion of solar energy has more than doubled. The cost of solar power is expected to decline to 35% by 2024, spurring further growth.
Future Capacity of Solar Energy
Wind and hydropower often require users to live in specific locations, but solar offers more freedom. Residential solar power is expected to expand from 58 GW in 2018 to 142 GW by 2024, and annual capacity additions are expected to more than triple. China is expected to register the largest installed residential solar capacity in the world by 2024.
Solar facilities will continue reducing their variability rates by storing electricity during the day and running at night. However, advanced solar plants will operate on higher DC to AC ratios. Meaning they’ll deliver more consistent service for longer durations.
Commercial and residential buildings will keep running at full capacity even in periods of low sunlight. Closing the gaps between collection and generation will spur more people to join the solar movement. Therefore, governments must implement incentive and remuneration schemes, as well as effective regulation policies.
Commercial and industrial solar energy capacity is forecast to constitute 377 GW in 2024, up from 150 GW in 2018. This market remains the largest growth segment because solar power generally enables larger savings on electricity bills.
The Future Lies in Using Renewable Energy
Renewable energy will continue to rise in the upcoming decade, edging out fossil fuels and reducing greenhouse gas emissions.
This is a pivotal time for renewable energy. Technologies such as solar and wind are at the heart of transformations taking place across the global energy system. Their increasing deployment is crucial for efforts to tackle greenhouse gas emissions, reduce air pollution, and expand energy access.
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