On June 20, the Economist published an insightful essay on the global rise of solar power technologies. Here are some key points from the essay that highlight the benefits and growth of solar power. According to the Economist, solar energy now provides about 6% of the world’s electricity.
This amount is nearly three times America’s electrical energy consumption in 1954! Note that more growth is expected in the solar energy space. As the International Energy Agency (IEA) has previously stated, solar photovoltaic (PV) manufacturing is projected to reach 1000 gigawatts (GW) by 2024.
The Electricity Hub has summarized the article into 10 interesting highlights to showcase the impressive rise of solar energy. These highlights affirm that energy sources are becoming increasingly important in global energy.
Skyrocketing growth rate: Solar capacity doubles approximately every three years, leading to a ten-fold increase each decade. This unprecedented growth is difficult to grasp and rarely seen in any significant industry.
Marginal to mainstream: Ten years ago, solar power was a tenth of its current size and considered marginal, even by experts. Its exponential growth has made it a major player in the energy sector.
Outpacing nuclear power: The next ten-fold increase in solar capacity will be equivalent to multiplying the world’s entire fleet of nuclear reactors by eight—achieved in less time than building a single nuclear plant.
The future’s largest power source: Solar cells are expected to become the largest electrical power source by the mid-2030s and may dominate electricity and overall energy production by the 2040s.
Cost efficiency on the rise: If current trends continue, the cost of solar electricity will be less than half of today’s cheapest alternatives. This could significantly slow climate change, though not completely stop it.
Transforming global energy access: With affordable solar power, regions like Africa—where 600 million people currently lack electricity—will begin to experience energy abundance. This shift will be transformational for humanity.
The Economics of Solar: Solar economics is driven by a virtuous cycle: increased production reduces costs, which boosts demand, leading to further production increases and even lower costs. This cycle has consistently made solar power cheaper over time.
Abundant resources: Unlike previous energy transitions that faced resource constraints, solar power relies on abundant resources: silicon-rich sand, sunny locations, and human ingenuity. These factors ensure a steady supply for solar cell production.
Complementary technologies: Due to the tendency to use electricity outside daylight hours, solar power needs to be paired with storage solutions and supplemented by other technologies. Innovations in batteries and electrolysis-created fuels are promising solutions for these challenges.
Adapting to new demands: As solar electricity becomes cheaper, new uses will emerge, further driving demand and production. This adaptability ensures solar power will continue to grow and become more integral to our energy needs.