According to the International Energy Agency (IEA); last year, Solar power was the growing source of global energy leaving other major sources behind. The main factors responsible are accounted to be lower prices and changes in government policies that encourage a shift away from the fossil fuel energy sources, such as coal. Consider China, it has played a crucial role in dominating renewable energy in the energy market; half of the solar capacity of the world is installed in China.
Experts proclaim this as the rise of a “new epoch” in solar photovoltaic (PV), assumptions are that solar PV capacity will grow and growth will be higher than any other renewable technology by the end of 2022. Moreover, IEA has admitted it had underestimated the pace at which green energy is growing, noting that many countries are set for a solar boom in the coming years. It is expected that India will double its solar capacity by the year 2022, overtaking the EU.
Yet there are many uncertainties ahead that may harm these encouraging figures. Donald Trump has pledged to revive coal that put USA’s position as second fastest growing renewables market in jeopardy, especially if the US International Trade Commission were to impose tariffs on imports of Chinese solar panels. Projections depict that the future is bright for now, as per IEA.