Cheap solar energy the fastest growing new power source

NRDC Report: Clean Energy Revolution Shatters Records & Projections

Past year was the first time solar energy growth had surpassed any other fuel as a source of power, the report said, surpassing the net growth in coal.

The agency added that it expects more than 920GW of clean power to be installed by 2022, an increase of 43%.

Despite policy uncertainties at the federal level, the United States remains the second-largest growth market for renewable.

The IEA report said China represents half of global solar photovoltaic demand, and Chinese companies manufacture around 60 percent of the world's panels.

Put simply: The world is now building more solar than coal generation, a trend that looks to continue, regardless of any uncertainty in current American energy policy. The price is half what new wind farms were built for just two years ago, and means off shore wind power will be cheaper than nuclear energy in the United Kingdom for the first time.

"Wind tariff in India touched lowest level of Rs 2.64 per kWh (kilowatt hour) in the second wind auction conducted by SECI", a New and Renewable Energy Ministry (MNRE) statement here said. However Frankl believes that the vastly reduced cost of solar and wind will likely limit the impact wrought by President Trump.

Читайте также: One held as Canada probes 'act of terrorism'

Despite the U.S. now being the second largest solar energy creator, analysts hinted that USA federal policy could hamper growth in solar capacity.

"Still, the current uncertainty over proposed federal tax reforms, worldwide trade and energy policies could alter the economic attractiveness of renewables and hamper their growth over our forecast period", the IEA's report read.

It also predicts fast growth in off-grid solar PV, which could bring electricity to nearly 70 million more people in Asia and sub-Saharan Africa.

According to the new report, IEA's renewables growth forecast is 12% higher than projection made in the 2016 report, driven by the realisation of PV installation growth in China and India as well as the US.

The IEA expects China alone to add 40 per cent of new global renewable capacity. While coal is expected to remain the largest source of electricity generation in 2022, its lead over renewables will be halved.

The share of renewables in power generation will reach 30 per cent in 2022, up from 24 per cent in 2016. With strong support from China, which accounted for almost half of this total, solar photovoltaic growth was faster than any fuel worldwide - passing net growth in coal as the graph below shows.

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