The International Energy Agency describes the solar power industry as a “new era,” after reporting strong expansion in China and the U.S. The report goes on to say that for the first time, solar power photovoltaic is expanding faster than any other fuel, including coal.
In addition to that, the growth of solar is expected to last for at least the next five years.
“What we are witnessing is the birth of a new era in solar PV (photovoltaic),” IEA executive director, Fatih Birol, said in a new report. “We expect that solar PV capacity growth will be higher than any other renewable technology through 2022.”
The IEA reported solar PV capacity grew by 50 percent last year, with China accounting for almost half of the global expansion. Birol added that he expects that expansion to continue. “Renewables will continue to have a strong growth in coming years. By 2022, renewable electricity capacity should increase by 43 percent,” he said.
“Three countries—China, India and the United States—will account for two-thirds of global renewable expansion by 2022,” the IEA said. “Total solar PV capacity by then would exceed the combined total power capacities of India and Japan today.”
The report goes on to say that renewables would make up about 30 percent of the power generation. Currently, it’s about 24 percent. While coal remains the largest source of electricity generation, solar will close that gap quickly.
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