Solar Will Overtake Other Energy Sources by 2027

Solar Will Overtake Other Energy Sources by 2027

Renewable energy has become a hot topic in recent years as the world faces the threat of climate change. Among these renewable sources like geo-thermal, tidal, and wind, solar power has emerged as a promising alternative to traditional fossil fuels like coal fire power stations. According to a recent report by the International Energy Agency (IEA), solar energy is set to overtake all other forms of electricity generation, including fossil fuels, by 2027. Let's take a closer look at the details.

The Report

The IEA's report, titled "Renewables 2021: Analysis and Forecast to 2026," predicts that solar power will become the world's largest source of electricity by 2035. However, it is expected to overtake coal, gas, and oil much earlier, by as early as 2027 - especially in sun-rich countries like Australia. This is due to a combination of falling costs and supportive government policies. The report also highlights that the growth of solar power will be driven by emerging markets, particularly in Asia.

Why Solar Power is Winning

There are a number of fundamental reasons why solar power is 'winning the race' to become the world's largest source of electricity. Firstly, the cost of solar panels has fallen dramatically in recent years - panel costs in Australia have also reduced, according to data from the Australian Photovoltaic Institute, the cost of solar panels in Australia has decreased by around 60% over the past decade. This has made it more affordable for households and businesses to install solar panels and generate their own electricity. Secondly, advances in technology have made solar panels more efficient at converting sunlight into electricity. This means that they can produce more power from the same amount of sunlight. Finally, governments around the world are offering incentives and subsidies to encourage the growth of solar power. This has made it easier and more affordable for businesses and homeowners to invest in solar energy.

What the Experts Say

The IEA report has been met with a lot of excitement and optimism from experts in the renewable energy industry. Fatih Birol, the executive director of the IEA, said that "renewables are set to become the backbone of the world's electricity system." He also noted that "solar power is leading the charge in renewables, but all renewable technologies are needed to meet the Paris Agreement goals." The Paris Agreement is a global treaty that aims to limit global warming to below 2°C above pre-industrial levels.