17/11/2017
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Investing Green

Global solar energy capacity is on the rise, and is fast catching up to nuclear, according to a report by Green Tech Media (GTM).

GTM’s research indicates nuclear is still slightly in front at 391.5 gigawatts (GW), compared with solar power’s expected 390GW capacity for 2017.

However, solar power capacity is expected to reach 871GW by 2022. This is higher than the expected capacities of either wind or nuclear by that time. Solar is expected to become the largest source of energy on a global level by 2050.

Earlier research by The International Energy Agency reached similar findings. A 2014 report by the agency stated the sun could be the world’s largest electricity source by 2050.

Solar is expected to outpace fossil fuels, wind, hydro and nuclear by then. Solar power’s increasing cost-effectiveness and convenience are considered to be major factors.

The world has experienced some significant growth in the use of solar power over the last 10 years.

This includes some large-scale solar projects as well as residential solar power installations.

With current trends and benefits being what they are, investment in solar energy looks set to continue well into the future.

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