Last year, the solar power had outrun coal and became the fastest-growing energy last year. That’s according to research data provided by the International Energy Agency (IEA). The main contributing factors are lowe pricing and better government policies, encouraging both residential and commercial users to switch from conventional power sources, like coal, to solar energy. China has been one of the largest contributors to the booming solar power sector, with almost a half of all new worldwide solar panel installations coming from this country.
The experts are now expecting a “new era” in solar photovoltaics (PV). They anticipate a considerable growth of solar PV capacity – in fact, it should be even higher than any other renewable technology – by around 2022. The IEA admitted to underestimating the speed of green energy growth rate. Many countries and their pro-solar policies will contribute to the boom in the coming years – India alone, for example, is expected to double its energy capacity by 2022, overtaking the entire European Union.
Even though the industry is on the rise, there are some troublesome tensions that may suppress the prograss. President Trump’s pledge to bring the dying coal industry to life may endanger the American solar power market. It is currently ranked second-largest in the world, and should Trump’s plans come into motion, the entire industry might slow down. In addition, the US International Trade Commission plans to install tariffs on solar panel imports from China, as the regulatory agency is afraid that the Chinese produce may negatively affect American manufacturers. However, the forecast remains bright, at least for now.