Wind and solar costs are going to become the least costly option for everyone across the globe.
According to a new report by Bloomberg New Energy Finance, the cost of developing wind projects will likely fall by 32% as well as the costs of Solar PV projects to fall about 48% by 2040. By 2030, Bloomberg believes that solar energy will become the cheapest.
Solar will dominate the market, making up a $3.70 trillion investment by 2020, the report reveals.
In addition to Bloomberg’s report, GTM Research developed a report on the global demand of solar. According to the GTM report, world instillations of solar could increase by 135 gigawatts annually by 2020. The top three countries for solar PV development will be China, America and Japan. These three countries will also be joined by the Middle East, Latin America and Africa who will also increase their solar demand.
Both Bloomberg and GTM predict that solar will make up most of the installations by 2020 as well as Bloomberg reporting that renewable energy technologies will account for 30% of global generation by 2020.
Although these increases will help address the issue of carbon emissions, it will not solve the problem entirely. The world is still not keeping average global temperatures at a safe and healthy level, an article from Greentech Solar explains.