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Int'l Energy Agency Sees New Era in Solar Power

Int'l Energy Agency Sees New Era in Solar Power

Solar PV capacity grew by 50 percent to reach more than 74 GW a year ago and it was the first time solar PV additions rose faster than any other fuel, surpassing the net growth in coal.

A new video by the International Energy Agency shows how the renewables market will develop and expand over the next several years.

The IEA also recognised PV growth in 2016 also delivered record-low auction prices for electricity generation, which fell as low as 3 cents per kwh (or kilowatt hour), with emerging markets such as the UAE, Mexico and Chile becoming low price leaders.

"What we are witnessing is the birth of a new era in solar PV". With improving technology and reducing tariffs, the ministry of new and renewable energy expects to exceed the target of 175GW by 2022.

In a Bloomberg News report, renewable energy in 2016 received $10.9 billion in tax preferences, compared with $4.6 billion for fossil fuels.

Renewables will account for 30 percent of electricity consumption of EVs by 2022, up from 26 percent today, the report says.

Though coal remains the largest source of power generation during that period, green power is expected to close the gap in just five years.

Renewable power capacity grew a record amount globally previous year with China continuing to be the main driver of growth, the IEA's renewables market analysis and forecast said on Wednesday. "However, be careful because this does not automatically mean they are competitive and investment will flow".

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India, China and the U.S.

By 2022, China is predicted to produce over 360 GW of green energy, representing 40 percent of the world's total output, according to the report.

China's solar dominance is only going to keep growing, according to the IEA report.

India's eye-catching growth is spurred by the National Solar Mission, which has targeted a goal of 100 GW of solar by 2022. IEA said India's move to address the financial health of its utilities and tackle grid-integration issues drive a more optimistic forecast.

The country's renewable energy installed capacity is 58.30 GW as per the recent government data.

For the first time since 1960, the average USA household spent less than 4 percent of its income on all energy in 2016-including gasoline and electricity spending-despite the much larger number of electronic gadgets and appliances we now use.

Looking ahead, the IEA said that China, India and the USA would account for two-thirds of worldwide renewable expansion by 2022.

The Renewables 2017 report takes a deep dive into renewable energy deployment across all industries and throughout the world, but the dominance of solar PV stands out.

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