Tag Archive for: solarpv

To triple global renewable energy capacity by 2030, $1.5 trillion annually is needed; solar PV is the only tech on track for this investment.

Solar photovoltaic (PV) is the only technology on track to meet 2030 investment targets

The world will need to invest US$1.5 trillion per year until the end of the decade to meet the target of tripling global installed renewable energy capacity by 2030, as agreed upon at the COP28 summit, and solar PV is the only clean energy technology currently on track to receive the level of investment necessary to hit this goal.

These are the headline takeaways from ‘Delivering on the UAE Consensus’, the first in a series of annual reports published by the International Renewable Energy Agency (IRENA), the Global Renewables Alliance (GRA), COP28, COP29 and COP30 host Brazil. The report finds that the world added 473GW of new renewable power capacity in 2023, of which solar accounted for 346.9GW.

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Source: Reve

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The European Commission has unveiled the European Solar Academy bolstering the continent’s expertise in solar PV technologies.

EU launches European Solar Academy to boost renewable energy workforce

The European Commission has unveiled the European Solar Academy, marking a pivotal step towards bolstering the continent’s expertise in solar photovoltaic (PV) technologies. This initiative, under the Net-Zero Industry Act (NZIA), aims to address critical skills gaps in the renewable energy sector and support the EU’s ambitious green energy targets.

With projections indicating a demand for 66,000 skilled workers in the solar PV manufacturing sector by 2030, the Solar Academy seeks to train 100,000 professionals over the next three years. This effort is integral to achieving the EU’s renewable energy goals outlined in the European Green Deal and the REPowerEU Plan, ensuring industrial resilience and global competitiveness.

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Source: Solar Quarter

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Investment in solar PV is expected to surpass all other generation technologies combined with over US$500B, according to a report from IEA.

IEA: Solar PV investment to surpass all technologies combined in 2024

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Investment in solar PV is expected to surpass all other generation technologies combined with over US$500 billion, according to a report from the International Energy Agency (IEA).

In its annual investment report, World Energy Investment, the IEA also highlights that for every US dollar invested in fossil fuels, two US dollars will be invested in clean energy this year. This is an increase from last year when the ratio was at US$1 versus US$1.7, respectively. Globally, clean energy technologies and infrastructure investment are expected to reach US$2 trillion in 2024.

Falling module prices and easing supply chain pressures have offset the impact of high interest rates, as solar panel costs have decreased by 30% over the past two years. However, the growth of spending for renewables – and particularly distributed solar PV – is expected to continue at a slower pace in 2024 than previous years.

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Source: PV Tech

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Community solar emerged in 2010, providing customers with access to solar energy without the need to install PV panels.

Community solar: A growing opportunity within commercial real estate

America’s Solar Surge

As the U.S. invests in renewable energy, solar power continues to gain momentum, with installations growing by 22% annually over the past 10 years1 and 51% in 2023 alone.2 According to the Solar Energies Industry Association, this growth has been driven by:

  • Reduction in costs for solar photovoltaics (PV) installations
  • Rising demand for sustainable electricity from both public and private sectors
  • Federal policies like solar Investment Tax Credit (ITC) and, more recently, the Inflation Reduction Act (IRA)

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Source: CSR Wire

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A report from Ernst & Young (EY) shows that despite inflationary pressures, solar remains the cheapest source of new-build electricity.

Solar LCOE now 29% lower than any fossil fuel option, says EY

EY said in its latest energy and resources report that 86%, or 187 GW, of newly commissioned renewable energy resources generated electricity at a cost lower than the average cost of fossil fuel generation in 2022.

Solar is the cheapest new-build electricity in many markets, even amid inflation and price rises, said EY, noting that the global weighted average LCOE for solar is now 29% lower than the cheapest fossil fuel alternative. Large-scale energy storage is also quickly becoming more cost-competitive and sophisticated, it said.

Solar has rapidly fallen in average LCOE globally, from more than $400/MWh in the early 2010s to about $49/MWh in 2022, down 88%. Wind power LCOE has fallen roughly 60% over the same period.

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Source: PV Magazine

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Even though utility-scale solar PV in the US added more than half of all capacity in 2022, community solar is slowly working towards accelerated growth in the coming years.

Community solar in the US set to accelerate post-IRA and new state legislations

Even though utility-scale solar PV in the US added more than half of all capacity in 2022, followed by residential solar as the top market segments, community solar is slowly working towards accelerated growth in the coming years. By the end of the fi­rst quarter of 2023, installed community solar capacity reached 5.8GW, according to data from trade body Solar Energy Industries Association (SEIA).

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Source: PV Tech

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The DOE has announced $453.5M from the PR-ERF to install up to 30,000 to 40,000 solar PV & battery storage systems for low-income single-family households.

US announces $450 million for Puerto Rico’s rooftop solar power

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The Department of Energy has announced $453.5 million from the Puerto Rico Energy Resilience Fund to install up to 30,000 to 40,000 solar PV and battery storage systems for low-income single-family households, according to the agency Monday.

Funding will also be allocated toward consumer protection efforts to provide ongoing system education, training, and support.

This marks the first funding opportunity through PR-ERF, an initiative to support Puerto Rico’s most vulnerable communities in meeting the goal of 100% renewable energy by 2050, said the agency.

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Source: Bloomberg Law

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Florida is next in line after the top 15 solar states, landing in 16th in the overall rankings for solar adoption.

Here are the top solar power states in the USA (Sunshine State just 16th)

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The Sunshine State, unfortunately, has not lived up to its name. It has settled in as a laggard in the adoption of solar power, despite its extensive and world famous solar resources. (And let’s not even get into its offshore wind potential.) With the facts presented a certain way, one might be deceived into thinking Florida is a solar power leader, alongside the Golden State and the Lone Star State. For example, here’s a chart of 2022 US solar PV installations broken down by the top 3 states and then regions of the country.

As that chart shows, Florida was third in the nation in terms of solar PV installations in 2022. It represented 10% of all US solar PV installation capacity last year, only trailing solar giant (and overall economic giant) California (24%) and Texas (18%). Those three states accounted for 52% of new solar power capacity in 2022.

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Source: Clean Technica

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Global demand for solar PV could rise up to 40% in 2023 as favourable economics in the solar sector combine with broad policies.

Global solar demand to grow by 40% in 2023 as prices fall and capacity grows

Global demand for solar PV could rise up to 40% in 2023 as favourable economics in the solar sector combine with broad policies like the Inflation Reduction Act (IRA) and REPowerEU schemes.

Bloomberg Intelligence’s ‘Global Solar Energy Midyear Outlook’ report predicts that solar will remain the energy sector’s fastest-growing sub-segment, predominantly driven by its position as the most cost-effective electricity generation method in much of the world. Bloomberg credited solar PV with a levelised cost of electricity (LCOE) of around US$50/MWh.

At the same time as installations are set to grow, sales for manufacturers are forecast to slow slightly as prices fall.

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Source: PV Tech

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Solar’s levelized cost of electricity will reach $30/MWh in 2050, as global capacity surges, said DNV.

Solar to reach ‘unassailable position’ as cheapest electricity source, says DNV

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DNV, a global risk management firm, has offered its annual outlook on the global energy transition. It placed solar in the spotlight as the frontrunner in renewable energy supply.

“In 2050, solar PV will be in unassailable position as the cheapest source of new electricity globally,” said DNV. 

As the world transitions toward carbon emissions-free electricity generation, DNV expects the share in the generation mix for coal to decrease 4% and gas to fall by 8% by mid-century. As the global fossil fuel industry becomes a metaphorical fossil itself, DNV expects the world energy mix to be 70% reliant on variable renewable sources like solar and wind power. Fossil fuels will represent just over 10% of the energy mix by that time.

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Source: PV Magazine

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