Global renewable energy capacity is set to rise by 50% in five years\u2019 time, driven by solar photovoltaic (PV) installations on homes, buildings and industry, according to the International Energy Agency (IEA).<\/p>\n
Total renewable-based power capacity will rise by 1.2 terawatts (TW) by 2024 from 2.5 TW last year, equivalent to the total installed current power capacity of the United States.<\/p>\n
Solar PV will account for nearly 60% of this growth and onshore wind 25%, the IEA\u2019s annual report on global renewables showed.<\/p>\n
The share of renewables in power generation is expected to rise to 30% in 2024 from 26% today.<\/p>\n
Falling technology costs and more effective government policies have helped to drive the higher forecasts for renewable capacity deployment since last year\u2019s report, the IEA said.<\/p>\n
\u201cRenewables are already the world\u2019s second largest source of electricity, but their deployment still needs to accelerate if we are to achieve long-term climate, air quality and energy access goals,\u201d said Fatih Birol, the IEA\u2019s executive director.<\/p>\n
\u201cAs costs continue to fall, we have a growing incentive to ramp up the deployment of solar PV,\u201d he added.<\/p>\n
The cost of generating electricity from distributed solar PV (PV systems on homes, commercial buildings and industry) is already below retail electricity prices in most countries.<\/p>\n
Solar PV generation costs are expected to decline a further 15% to 35% by 2024, making the technology more attractive for adoption, the IEA said.<\/p>\n
However, policy and tariff reforms are needed to ensure solar PV growth is sustainable and avoid disruption to electricity markets and higher energy costs, the report said.<\/p>\n
Egypt Today<\/p>\n","protected":false},"excerpt":{"rendered":"
Global renewable energy capacity is set to rise by 50% in five years\u2019 time, driven by solar photovoltaic (PV) installations on homes, buildings and industry, according to the International Energy Agency (IEA). Total renewable-based power capacity will rise by 1.2 terawatts (TW) by 2024 from 2.5 TW last year, equivalent to the total installed current […]<\/p>\n","protected":false},"author":40,"featured_media":148453,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[7863],"tags":[2484,49189,51066,51067],"class_list":["post-148452","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-english-section","tag-egypt","tag-iea","tag-pv","tag-tw"],"yoast_head":"\n