08/03/2023
The International Energy Agency (IEA) reports that solar PV will surpass coal-in-installed power capacity by 2027, becoming the largest renewable energy source in the world.
Increasing by nearly 1500 GW, cumulative solar PV capacity is expected to surpass natural gas by 2026 and coal by 2027. Annual solar PV capacity additions will increase every year for four years.
The IEA has also said that the global energy crisis is accelerating renewable power installation, with total capacity growth expected to double in four years.
Despite high commodity prices, utility-scale solar PV is the least expensive option for new electricity generation in most countries worldwide. Due to higher retail electricity prices and policy support to help consumers save on energy bills, distributed solar PV, such as rooftop solar, is also set for faster growth. Ten years ago, solar energy accounted for just 1% of global electricity.