As the cost of renewable energy falls, the use of solar power is rising and is soon to become the world’s largest source of power by 2035, according to reports.
The renewable energy company Statkraft published its fourth annual analysis of global energy trends earlier this month. Statkraft says that solar PV is already the world’s fastest growing energy source, thanks to the lowering production costs and increasing demand for solar energy.
It is expected that the lifetime costs for solar PV with drop by around half over the next few decades, with wind power becoming up to 40% cheaper too.
Statkraft estimates that renewable energy will make up 80% of the global power sector by 2050, with wind and solar making up most of that percentage. This is evident as production of solar PV has increased by 25% in just the last year!
Statkraft’s head of corporate strategy and analysis, Henrik Sætness said, ‘our analysis shows that the price of renewable technologies decreases faster than most people have anticipated’.
‘In most countries it is already profitable to install renewable capacity where new power is required. In areas with abundant sun and wind, building new renewable capacity will soon become more profitable than existing coal or gas power.’
The company has stated that the world’s electricity demand will more than double by 2050, while renewable energy generation will increase more than six-fold.
According to the report, analysis shows that the UK’s best way to decarbonise its energy sector is to fully deploy solar and wind power.
David Flood, Statkraft’s UK managing director, said: ‘Given the government’s net-zero target and increasingly positive political and public sentiment towards onshore wind and solar power projects, we look forward to investing heavily in the UK to help the country decarbonise.’
To read Statkraft’s report, click here.