Over the next five years, the growth in renewable energy for electricity generation will equal that of the entire United States’ power capacity.
That represents a growth of 1,200 Gigawatts—a 50% jump from current levels—according to a forecast from the International Energy Agency, which mapped out the next five years in renewable energy in an annual report on Monday.
The standout? Solar power, which will account for 60% of the growth, capitalizing on the rapidly falling costs for solar panels, the Paris-based agency said. That will be due largely to “distributed” solar panels installed on commercial and industrial buildings. While solar panels on private homes are also growing, they don’t offer the same economies of scale, while commercial buildings can also more easily integrate solar energy into their existing energy grids, the IEA said.
