New Report Forecasts Global Solar Boom

Distributed solar to drive global renewable growth 50% by 2024: IEA

Robert Walton, October 22, 2019 (Utility Dive)

“…Renewable energy's share of global power generation will rise from 26% today to 30% in 2024…[with solar] generation making up almost 60% of renewables growth…[and] onshore wind representing 25%...[Offshore wind will] contribute 4%, but its capacity is forecast to triple by 2024 [according to the newest IEA report]…Total solar capacity is expected to grow 250%...with distributed solar projected to make up almost half of that growth…[Aided by falling prices and clean energy policy, renewables] are the world's second largest source of electricity…[But deployment needs to accelerate] to achieve long-term climate, air quality and energy access goals…

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IEA's analysis concludes there are three main challenges to the deployment of green power: policy and regulatory uncertainty, high investment risks, and challenges to integrating intermittent resources onto the power grid. A major catalyst, on the other hand, is the continued decline in price…[T]he cost of generating electricity from distributed solar systems is already below retail electricity prices in most countries…[and] will decline another 15% to 35% by 2024…Wind energy is also expected to see significant growth…Offshore capacity is expected to increase almost 300%, adding 43 GW to reach 65 GW in 2024…Hydropower is currently the largest renewable energy source and will hold that title through 2024…” click here for more

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