This week, the IEA announced that the world is on track to have renewable energy outproduce oil, coal, and natural gas before the end of the decade.
A brighter, cleaner future
The world is on track to produce more electricity via solar and wind power than by coal, oil, and natural gas by 2027, according to a new study released by the International Energy Agency on December 6, 2022. If current investment and construction patterns hold, the IEA says, the world is predicted to produce 75% more renewable energy (2,400 GW) in the next five years.
Years in the making
This report comes as a big win for the renewable sector as more and more countries and companies are turning to solar power as the cheapest energy solution. Much of the most recent interest in solar has been driven by European countries in the months following the Russian invasion of Ukraine. Costly in a number of ways, this invasion has caused oil and gas prices to skyrocket. The result, nearly across the board, has been a move toward European energy independence, primarily through clean, cheap sources like solar. This report from the IEA shows that the effects of this transition are real and arriving faster than anticipated.
Governments, companies, and you
While much of the recent investment in solar has come from large-scale investments like China’s 14th Five-Year Plan or the U.S.’s Inflation Reduction Act, a hefty percentage of it has also come from smaller, residential investments too. Most often, these are specifically designed plans that help consumers lower their energy bill.
At Summit Solar, a leading New England and Massachusetts Solar Company, we have years of experience helping people across New England do just that. Give us a call or drop us an email, so that we can get started on lowering your bill today!