Last year, more than half of Australia’s new electricity generation was solar
In 2010, solar energy produced 0.16% of the world’s electricity.
Last year, solar generated 2.7% of the world’s electricity.
A new report from Bloomberg reveals solar is the fastest growing source of energy in Australia - and in dozens of country’s around the world.
Here are the details.
Key stats from this year’s Bloomberg New Energy Finance report
Global solar energy capacity had risen from 43.7GW in 2010 to 651GW by the end of 2019.
Beating wind energy for the first time, solar is now the fourth largest source of power, behind coal, gas and hydro.
More than half of the new electricity generated by Australia last year was solar.
The power produced by coal dropped between 2018 and 2019 by 3%. It’s just the second time ever power produced by coal has dropped year-on-year.
Why solar power matters
In the race against climate change, one of the biggest challenges has been weighing clean energy against cheap energy - particularly in developing countries, governments and companies have opted for coal or gas over wind or solar energy because it has historically produced cheaper, more reliable energy.
This new report suggests a rapidly evolving market - more and more companies and governments are choosing to invest in solar energy, meaning it’s becoming a much more significant part of the way we power our lives.
And, as the report pointed out, that’s coming with another key benefit…
Solar energy is getting cheaper
Every time the world’s solar production doubles, its cost falls at a rate of about 24-28%, according to the new report.
As more solar farms are created, and governments set up the infrastructure needed to distribute solar energy, it’s becoming cheaper. A lot cheaper: solar energy is becoming more affordable at twice the rate wind energy’s prices are falling.
In Australia, the cost of solar panels have dropped by 90-95% since 2010.