What Will We Do with Our Free Power?
Solar power is projected to become nearly free by 2030, with 2023 installations reaching 444 gigawatts. Its share of global electricity has quadrupled since 2018, driving significant innovations.
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The rapid expansion and decreasing costs of solar power are set to transform the global energy landscape significantly. According to BloombergNEF analyst Jenny Chase, solar energy could become virtually free during sunny periods by 2030. In 2023, the world saw a remarkable installation of 444 gigawatts of new solar photovoltaic capacity, marking an 80% increase from the previous year. Although solar currently accounts for just under 6% of global electricity, its share has quadrupled since 2018, and it is projected to become the largest electricity source by the 2030s. The cost of solar power has plummeted, with prices falling nearly half in 2023 alone, making it cheaper than most new electricity sources for about 95% of the world. This shift could lead to negative electricity prices in mature markets, where consumers may be paid to use electricity. The implications of this energy revolution are vast, potentially enabling innovations in vertical farming, carbon removal, and energy independence for countries reliant on imported power. However, challenges remain, including the need for improved energy storage and infrastructure. The future of energy will likely favor industries that can adapt to variable solar conditions, reshaping the global energy economy.
- Solar power is expected to become virtually free during sunny periods by 2030.
- In 2023, global solar installations reached 444 gigawatts, an 80% increase from the previous year.
- Solar energy's share of global electricity has quadrupled since 2018 and is projected to become the largest source by the 2030s.
- The cost of solar power has decreased significantly, making it cheaper than most new electricity sources for 95% of the world.
- The transition to solar energy presents opportunities for innovations in various sectors, including agriculture and carbon removal.
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Sun Machines
Solar energy's exponential growth in capacity installations is reshaping the energy sector. China leads in solar panel production, driving clean and cost-effective energy adoption globally. Analysts foresee solar becoming the primary energy source by the 2040s.
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US solar power generation increased by 25% in early 2024, driven by solar farm construction and lower photovoltaic prices, while overall energy use rose by about 4%.
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