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Solar leading energy by 2035

Solar leading energy by 2035 11 September 2019

Solar power to be world’s largest power source by 2035 (via Environment Journal)

By Chris Ogden

Solar power is set to become the world’s largest source of power by 2035 as the cost of renewables falls, a new report has found.

Publishing its fourth annual analysis of global energy trends, the renewable energy company Statkraft said that solar PV is already the world’s fastest–growing energy source, thanks to the ever–lowering production cost of solar panels and increased demand for renewable energy.

The lifetime costs for solar PV will drop by around half over the next three decades, while wind will become 40% cheaper.

The company estimated that solar PV and wind energy will make up 70% of power generation by 2050, with renewables making up over 80% of the global power sector in total.

Henrik Sætness, Statkraft’s head of corporate strategy and analysis, 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.’

Read more on the story here…