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What is the future of renewable energy?

July 15, 2020

Renewable energy is growing faster than ever. According to The International Energy Agency’s Renewables 2019 report, solar, wind, and other renewable energy sources will account for one-third of the world’s energy use by 2024. From 2019 to 2024, renewable power capacity will expand by 50 per cent — and solar photovoltaic-based power will account for nearly 60 per cent of this expected growth.

Why solar PV is driving the growth of renewable energy

Part of the reason for the huge growth of solar is the drop in prices. Both residential and commercial solar panel costs have been declining in recent years. In 2018 alone, the cost of solar photovoltaic-based power fell by 13 per cent.

This makes it easier for both homeowners and businesses to take advantage of solar energy. Commercial solar panels are being installed across the globe, with a huge jump in the US and the UK. Australia, a world leader in green energy adoption, reached two million solar installations in 2018.

Another driver of solar adoption, especially in Australia, are the government schemes and rebates that are making commercial solar projects even more affordable. This includes the Queensland Government’s scheme, allowing residents to apply for interest-free loans and grants for batteries and solar-battery systems, as well as Victoria’s Solar Homes Program. This program has been providing rebates for solar battery system purchases in 2019 and 2020.

The third reason for solar’s expected growth is ease of adoption. A business or homeowner doesn’t have to live in a specific location to use solar power, which is the case with hydropower, and often the case with wind power. This means people can decide to adopt solar power on an individual basis, from businesses installing commercial solar panels to residential rooftop installations.

Wind and hydropower over the next few years

Wind energy is increasing as well, thanks to increased capacity. Onshore wind capacity will grow by 57 per cent from 2019 to 2024, with the most significant increase in the US and China. Offshore wind farms will triple by 2024, led by expansion in the EU.

Hydropower will continue to be the main source of renewable energy worldwide. Thanks to massive projects in China and Ethiopia, hydropower capacity will reach 121 GW (a 9 per cent increase) by 2024.

Being a part of the future of energy

If you want to reduce your reliance on fossil fuels, solar power continues to be the most accessible renewable energy solution for individuals and most commercial projects. Whether you are looking for help with installing commercial solar in Melbourne, Brisbane, or Sydney, the experienced installation team at Solar Miner can help. Find more information on our https://www.solarminer.com.au, call 1300 285 885, or contact us today to learn more.

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