Solar and wind energy took off in the early 2000s. Solar energy is growing faster than wind energy. Several factors are driving this growth in renewable energy. Germany, for instance, introduced the Renewable Energy Sources Act in 2000. This includes feed-in rates, grid priority and a program that will install 100,000 solar roofs on homes. This helps Germany become a leader in solar and wind. The stimulus package also includes renewable energy investments.
Solar PV production is rising
The sector of solar PV is the fastest-growing in renewable energy. It has seen rapid growth over the last few years and will continue to grow strongly through 2030. In 2017, solar PV produced about 2% worldwide electricity. This is still quite a bit less than hydropower. However, solar PV generation is expected catch up to hydropower before 2030.
The rise of solar PV is a global trend. The world has seen nearly double its solar PV capacity in the past decade. Global solar PV capacity stood at 167,047 gigawatts as of February 2018. China alone holds more than half of all world's PV capacity. Europe, the US and the Middle East, however, account for less than 2% worldwide PV capacity.
Increase in wind power
Wind energy is an intermittent and free source of energy that can easily be harnessed to a wide range of uses. It is an excellent source of power because it takes up very little space. However, the wind's variability can cause a few problems. This can be solved by placing wind turbines together over a larger area, and then average out their output. As with any energy source, wind energy must be complemented by other forms of generation and energy storage.
A greater wind energy resource is required to reach the 20 percent target by 2030. To reach this target, new transmission lines and wind turbine installations will need to be built and installed. In the USA, wind power should be more than 40,000 MW by 2030. Wind energy will be able to generate enough electricity by 2020 to power 43 million homes in America. Wind energy's potential is huge because it can drive economic growth in the United States. In the past ten years, wind energy has attracted investments of $151 billion. By 2021, the industry will have invested another $20 billion. Wind energy can reduce the environmental pollution caused by other energy sources.
Battery storage is increasing
An increase in battery storage capacity is vital to ensuring clean electricity supply. The BNEF projects a global total energy storage capability of 365 gigawatts by 2030. This is five times higher than the 2021 figure. To date, most grid-scale battery storage projects have been based on Li-ion technology. There are many benefits to Li-ion batteries, including their versatility.
The combined capacity of battery storage projects in the U.S. could grow 10 times over the current figure by 2025, contributing a total of 10,000 MW to the grid. According to Energy Storage Association data, industry growth has been rapid in the past year. This could allow for even higher projected capacity. This growth could indicate major growth in storage industry in the future.
Increase in biomass fuels
In the United States, biomass fuels are a major source of energy, making up 5% of primary energy consumption in 2021. Biomass fuels can be made from wood, municipal solid refuse, and agricultural byproducts. These fuels are clean-burning and can also be used to generate electricity.
Biomass fuels are able to reduce greenhouse gas emissions by producing energy. The carbon dioxide released by the burning process is offset by the growth of the plants. For example, burning wood releases about as much carbon as burning fossil fuels, but biomass offsets the emissions with its own growth. However, the carbon penalty for clearing forests for energy production can take many years to recuperate. In addition, biomass fuels can be grown on land that was previously used for food production.