The rapid increase in solar and wind energy in recent years has brought hope to global efforts to reduce greenhouse gas emissions and prevent the most dangerous effects of climate change.
In 2010, solar and wind combined accounted for only 1.7% of global electricity Cirro Energy Reviews production. Last year, it rose to 8.7% – more than previously predicted by traditional energy models. For example, in 2012 the International Energy Agency predicted that global solar power capacity would reach 550 terawatt hours by 2030, but that figure was exceeded in 2018. These models often assume that the growth of solar and wind will be linear, but in reality, the growth is small.
Recognizing the enormous growth of renewables in the past gives us reason to be optimistic about how quickly they can accelerate to meet future climate goals. This article explains the reasons for the growth of solar and wind, the progress that has already been made and what it takes to continue.
Why is renewable energy growing so fast?
Falling costs are a major factor behind the explosion of renewable energy. Since 2010, the cost of solar photovoltaic power has fallen by 85%, and the cost of onshore and offshore electricity has been reduced by about half. Both of these renewable sources are currently charged with electricity.
Costs have come down significantly due to positive feedback signals. As renewable energy technologies are deployed, they become more affordable due to economies of scale and competitiveness, among other things. These prices are falling on the hand which encourages further entry. For example, over the past decade, every time the amount of solar power installed worldwide has doubled, the cost of installing solar power has fallen by 34%. Because renewable energy technology is modular and standardized, cost improvements or technological advances made in one area can be easily replicated elsewhere. Other aspects of rejuvenation are also self-reinforcing.
As renewable energy grows in popularity, expands its political influence, and attracts more funding, it becomes easier to gather support and political funding. As financiers become more familiar with the technology and project risks of renewables, the cost of capital has come down. Also, the evidence shows that the spread of renewable energy is contagious in society – when a house installs an electric heater on the roof, the neighbors see it and talk about it. ability to install solar panels on the roof themselves. Political support has also been important for the growth of renewable energy. Renewable energy tax credits and subsidies, feed-in tariffs, and competitive markets have helped reduce costs and stimulate migration. And government investment in research and development is a key driver of innovation and renewable energy. China, Europe, and the United States have become leaders in solar and wind through political support, and worldwide, 165 countries have the goal of increasing renewable energy. And it’s not just the city; more than 600 cities worldwide have a 100% renewable energy target.
Despite these challenges to overcome, radical change is a powerful force. If we go back to the last decade, industry experts will be amazed to learn how the cost of renewable energy has fallen and how the annual deployment has quadrupled. How will it surprise us in 2030? It depends on what we do today.
