Solar power was the fastest growing source of energy in 2016, according to a new report from the International Energy Agency (IEA). Solar PV capacity worldwide grew by 50% in 2016.
The IEA also predicted that the renewables sector, in general, would continue to see strong growth. The report noted that two-thirds of new power sources in 2016 were renewable.
The International Energy Agency is an intergovernmental organisation established to ensure clean and reliable energy for its member countries. It produces statistics and documents about the different ways that energy is being used and produced globally.
Where is this growth happening?
A large chunk of this growth is coming from China and India, although the US is also a large part of the expansion in the renewable energy sector. These countries make up two-thirds of the renewable energy growth across the world.
For the UK, the figures are less good. The report forecasts a slower growth in the solar sector. However, the industry is still in a very strong position and predicted to grow significantly.
The real question, though, is what is this growth going to mean for consumers? We’ve analysed the report, and come up with some answers.
What does this mean for me?
The biggest takeaway for consumers from this is that it’s still a great time to buy solar! The industry is doing well and continued growth will only take it from strength to strength.
The report also found that renewables are getting considerably cheaper. Paolo Frankl, the head of the renewable energy division at the IEA, said that ‘renewables may well become cheaper than fossil fuel alternatives’.
In addition, the continuing advancements in home battery technology are making solar PV an even more attractive prospect. These new batteries feature smart technology, which means they can make decisions about when to store energy and when to sell it back to the grid based on your home’s energy use.
All of these reasons means there’s never been a better time to have solar PV installed on your property! For more information about solar PV, click here. Or, click here to see the full report from the IEA.