Renewable Energy to Hit Critical Mass by 2035
A new report published by Wood Mackenzie, a global consulting firm specializing in oil and gas, estimates that renewable energy will hit critical mass by 2035 thanks to a global energy transition which is well underway. Plug It In Solar is well aware of this upward trend having installed over 850 residential solar photovoltaic systems in the greater Los Angeles area. The report predicts that renewables will reach 20 percent of global power demand which would triple the numbers from today’s 7 percent.
This is a common trend in today’s climate as the demand for decarbonization grows and corporations are pressured for transparency on emissions. Leaps in technological
advancements are a “precursor to achieving environmental and social objectives” the report claims once again showing the growth within this industry and its impact all around the globe as advancements like battery storage are ahead of its time which allowed cost reduction of this technology and brought futuristic goals sooner than expected.
Global Interest in Renewable Energy
Pilot projects all over the world are turning thousands of cities into cities of the future by implementing and building renewable energy to power them. Indonesia recently announced that by 2025 they intend to generate 23 percent of total power through renewable energy and China has turned 300 of their cities into pilot projects to increase their energy resources. Ukraine has recently turned the site of the worst nuclear disaster site, Chernobyl, into a solar plant. Solar and wind projects are also starting to beat fossil fuel technology based on cost.
Saudi Arabia announced in their Vision 2030 plan to invest more than $100 billion in clean energy projects to generate a third of its power requirements from renewable energy sources, primarily solar energy .
China is one of the leading nations in renewable growth. China has already surpassed its 2020 solar panel target and expects to exceed its wind target by 2019. China is also the global market leader in hydropower, bioenergy and electric vehicles.
The United States is the second largest nation in renewable growth. The Bureau of Labor Statistics report shows that solar photovoltaic installers and wind turbine service technicians as the top two fastest growing occupations in the U.S. with this trend expected well into 2026.
Renewable projects are benefiting from multi-year federal tax incentives to cut overall costs in the U.S. despite President Trump’s decision to pull out of the Paris Agreement.
Denmark & other European Nations
Several European nations are also expected to generate at least 25 percent of their energy from renewable resources with Denmark leading the way, expecting to generate almost 70 percent of their nation’s energy through renewable energy. Ireland, Spain, Germany and the United Kingdom are other nations expected to grow their green energy output by 2022.
India has also set a goal by 2022 to grow their renewable electricity by 150 percent. The Indian Government’s Ministry of New and Renewable Energy announced a new wind-solar hybrid policy which will use land to house both solar panels and wind farms to effectively utilize land and double production including land that already has only solar or wind resources.
Join the future by calling Plug It In Solar. Through our quick and easy process our team of experts will be able to provide free consultations, site assessment and quotes for your home.
We are always available to assist you through every step in the process from design and planning to installation and all the way through the final inspection before the power is turned on to your new solar system.