We take a little break from the regular industry insider news and reports to take a look at what the broader public is reading this week about solar power. Specifically, Bloomberg made a big headline with its “Renewables to Beat Fossil Fuels with $3.7 Trillion Solar Boom article.”
Renewable energy will draw almost two-thirds of the spending on new power plants over the next 25 years, dwarfing spending on fossil fuels, as plunging costs make solar the first choice for consumers and the poorest nations.
Solar power will draw $3.7 trillion in investment through 2040, with a total of $8 trillion going toward clean energy. That’s almost double the $4.1 trillion that will be spent on coal, natural gas and nuclear plants, according to a forecast from Bloomberg New Energy Finance.
“We will see tremendous progress toward a decarbonized power system,” Michael Liebreich, founder of New Energy Finance, said Tuesday in a statement as the research group released its findings in London. Despite this, emissions will continue to rise “for another decade-and-a-half unless radical policy action is taken.”
Their report goes on to say that coal will attract $1.6 trillion of investment, gas will draw $1.2 trillion and nuclear will bring in $1.3 trillion in investment over the next 25 years. Developers will spend $2.4 trillion on wind farms.
Unrelated, but in addition, SEIA sent word this week that the industry organization is teaming with Fortune Magazine to produce a special section on the rapid growth of solar energy in America to coincide with Solar Power International, Sept. 14-17, in Anaheim, CA.
We know that solar is the fastest-growing source of renewable energy in the United States, employing 174,000 people at more than 8,000 U.S. companies, and it’s nice that word is spreading more and more beyond industry walls.
— Solar Builder magazine