Solar energy is on a tear and continues to grow exponentially ever since about 2009.
Solar energy has come a long way since its inception, and it has experienced an impressive growth trajectory in the past decade. Let's take a closer look at the statistics and key developments that have contributed to the growth of solar energy since 2009.
The State of Solar Energy in 2009
In 2009, solar energy accounted for less than 1% of the world's electricity generation. It was considered expensive and not widely adopted. However, a few countries, such as Germany and Spain, had already implemented policies to encourage the adoption of solar energy.
Solar Capacity Addition
Since 2009, solar capacity has grown at an exponential rate. By the end of 2020, the world's total installed solar capacity was around 760 GW. This represents a massive 42-fold increase from the 18 GW of installed solar capacity in 2009. The majority of this capacity has been added in the past five years, with an average annual increase of around 100 GW.
The cost of solar energy has dropped significantly since 2009. In fact, solar energy is now considered one of the cheapest sources of electricity. The cost of solar panels has fallen by 89% since 2010, while the cost of solar electricity has dropped by 82%. This has been largely due to advances in technology and improvements in manufacturing processes, as well as economies of scale as more solar panels are produced.
Government Policies and Incentives
Government policies and incentives have played a significant role in the growth of solar energy. Many countries have implemented policies to encourage the adoption of solar energy, such as feed-in tariffs and net metering. In addition, tax incentives and grants have been made available to individuals and businesses investing in solar energy.
Many large corporations have made commitments to use renewable energy, including solar energy, to power their operations. This has led to a significant increase in demand for solar energy, which has further contributed to the growth of the industry. For example, Google has committed to using 100% renewable energy, while Amazon has committed to using 50% renewable energy by 2025.
The growth of solar energy since 2009 has been remarkable. The industry has come a long way, with a significant increase in installed capacity, a reduction in costs, and the implementation of government policies and incentives. The commitment of large corporations to using renewable energy has further accelerated the growth of the industry. It is clear that solar energy will continue to play an increasingly important role in the world's energy mix in the coming years.
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