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  James The Solar Energy Expert

GLOBAL SPENDING ON RENEWABLES IS OUTPACING FOSSIL FUELS

6/13/2018

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The world is going green. Global spending on renewable energy is outpacing investment in electricity from traditional energy sources like coal, natural gas and nuclear power plants, according to a report by the International Energy Agency.

THE STREET -- Investments in renewable energy totaled $297 billion in 2016, the last time full-year data was available. That's more than twice the $143 billion that was spent on fossil fuels and nuclear power. The IEA estimates that renewable energy will account for 56% of net generating capacity added through 2025.

Demand for renewable energy is expected to increase 7% to 30% by 2022, according to the IEA.




The increase in investment comes as wind and solar energy represent the cheapest options for generating electricity after years of research and development. 



China, which has a notorious air pollution problem, has helped lower the cost of renewables by investing heavily in domestic solar manufacturing, creating a glut of inexpensive solar panels. 



Hydroelectric power consumption has also seen growth in non-OPEC countries, according to the IEA, growing at an annual rate of nearly 4% between 1990 and 2015. 
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    James Ramos,BPI

    I'm your go to solar energy expert here to guide you step-by-step through all of your solar options.  

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