32% growth in solar generation

April 9th, 2018, Published in Articles: Energize, Articles: Vector

By the end of 2017, global renewable generation capacity had increased by 167 GW and reached 2179 GW worldwide. This represents an annual growth of around 8,3%, according to new data released by the International Renewable Energy Agency (IRENA). In the same period, wind energy grew by 10%. Asia continued to dominate the global solar capacity expansion, with a 72 GW increase. Three countries accounted for most of this growth, with increases of 53 GW (+68%) in China, 9,6 GW (+100%) in India and 7 GW (+17%) in Japan. China alone accounted for more than half of all new solar capacity installed in 2017. Underlying this growth are substantial cost reductions, with the levelised cost of electricity from solar PV decreasing by 73%, and onshore wind by nearly one-quarter, between 2010 and 2017. Both technologies are now well within the cost range of power generated by fossil fuels, according to IRENA.

Contact IRENA, info@irena.org