A new report indicates that 2014 will be the most successful of the last three years when it comes to installed solar capacity.
With more evidence suggesting that humans have played an instrumental roll in global climate change, the need to discontinue the use of carbon emitting fossil fuels is becoming more essential. In the U.S. alone, the electricity generation made up 33 percent of the total greenhouse gas emissions in the economic sector during 2011.
These emissions in tandem with rising electricity costs have been a major impetus to solar growth throughout the country. With the price of solar modules falling panels are becoming more pervasive throughout the country, and according to a new report from the IHS, throughout the world.
Monumental year on horizon
Global photovoltaic installations are predicted grow at their fastest pace in the last three years while surpassing 40 gigawatts for the first time ever. This is expected to create installation revenue of over $86 billion.
This means that global capacity is expected to see an 18 percent growth rate throughout 2014 as compared to the 35GW of total capacity expected to be installed by the end of 2013. According to the report, this marks the end of a two year slowdown for the industry.
"PV installations will accelerate in 2014 driven by low system prices, the creation of new markets in emerging regions and the continued growth in major countries such as the United States, Japan and China," said the Solar Senior Research Director at the IHS, Ash Sharma. "As the industry's recovery accelerates and market revenue returns to near record levels, solar manufacturers will leave behind the turmoil of recent years and enjoy improved business conditions."
The research group believes that this growth acceleration began in 2013, and anticipates that the final quarter of the year will close out the strongest with 9.8 GW of PV installations.
The Wall Street Journal recently pointed to a number of myths that have plagued the solar industry and renewables as a whole for a long time. The news source explains that one has been that these energy sources cannot replace fossil fuels.
Currently, the world does still rely on fossil fuels, but if this growth continues the way it has, it is likely that renewables will begin to compete. In fact, the news source examines one scenario from the National Renewable Energy Laboratory that says the U.S. could technically produce 80 percent of its power by 2050.