Global solar capacity hit record levels in 2016, but it hasn’t stopped there. With associated costs decreasing and capacity increasing at their current rates, 2017 is already on pace to pass 2016’s record for solar capacity.
Europe’s solar industry has forecast that global solar capacity could surpass 80 gigawatts (GW) this year, following the record-breaking installation and connection of 76.6 GW of new solar capacity to the grid last year.
Last year’s record-breaking installation marked a 50 per cent increase from 2015’s production capacity.
By the end of 2016, installed solar photovoltaic (PV) capacity had increased to 306.5 GW—that’s more than a 30 per cent increase from 2015’s capacity of 229.9 GW. At this rate, we could be looking at significant increases in capacity in the world’s market; estimates show those capacities could realistically increase to 400 GW in 2018, 500 GW in 2019, 600 GW in 2020, and 700 GW in 2021.
That has significant implications for countries who are focusing on renewable energy solutions across the globe. Already, two thirds of Canada’s electricity are produced by renewable energy sources.
Why are the sudden record-breaking increases in capacity? It largely comes down to the technology.
Improvements in technology has allowed for a higher efficiency when it comes to the production of solar energy, but solar PV modules are becoming a lot more efficient on another front, too. Technological improvement and innovation has resulted in the production of more cost-efficient solar PV modules. In fact, solar PV module prices have dropped by 80 per cent since 2009.
What does this mean for consumers?
It means solar PV modules are a lot more accessible, a lot more affordable, and their advanced technology and improved efficiency means they are a much more valuable investment—especially in an economy that has just experienced the detriment of the volatility that can result from dependence on non-renewable energy sources alone.
But the potential for further capacity growth isn’t the only reason you might want to start thinking solar. Federal and provincial governments are also keen on green energy investment right now—in a lot of areas, it is being viewed as a solution to not only increasing demand for energy, but also to add stability to our currently recovering economy and create further opportunities for employment.
That means there are a number of government incentives available that will help you take advantage of green energy options like solar PV as it becomes increasingly more available to and more efficient for consumers.
Making the switch to solar doesn’t have to be as complicated as it may sound. There are several energy providers throughout Alberta and the rest of Canada who offer green energy solutions that can be incorporated into your rate plan. Whether you want to go a little green or full-out solar, there is a provider who can match your preferences with your consumption needs. If you are interested in incorporating solar energy into your energy solutions, now is the time—contact us at energyrates.ca to learn about which providers will best serve your green energy goals.
