Solar and wind energy have been growing rapidly since the early 2000s. Solar energy is growing much faster than wind power. Several factors are driving this growth in renewable energy. Germany's Renewable Energy Sources Act was introduced in 2000. It provides feed-in tariffs as well as grid priority for solar electricity. There is also a program to place 100,000 solar roofs onto homes. This makes Germany a world leader in wind and solar. U.S. stimulus packages also include renewable energy investments.
Solar PV installations are on the rise
The solar PV industry is one of the fastest growing sectors in the renewable energy sector. It has grown quickly over the past several years and is expected that it will continue to expand strongly through 2030. About 2% of all electricity worldwide was generated by solar PV in 2017. While this is far behind hydropower, solar PV generation is expected to catch up to hydropower by 2030.
The growth of solar PV is a global trend. Over the past decade, the world's solar PV capacity has nearly doubled. In February 2018, solar PV's global capacity was 167.047 GW. China alone has more than half of world's global capacity. Europe, the US and Middle East are responsible for less than 2 percent of global PV capacity.
Increase in wind power
Wind energy, an intermittent, unrestricted, and renewable energy source, can be harnessed for a variety purposes. It takes up very little space and is therefore an excellent source. The wind's variable power can pose some problems. It is possible to combine wind turbines in a large area and average the output to solve this problem. As with any energy source, wind energy must be complemented by other forms of generation and energy storage.
A greater wind energy resource is required to reach the 20 percent target by 2030. To achieve this goal, new transmission lines will be needed and wind turbine installations must be installed. It is hoped that the U.S. will have more than 40,000MW of wind power by 2030. Wind energy will produce enough electricity to power more than 43 million American homes by 2020. Wind energy's potential is huge because it can drive economic growth in the United States. In the past ten years, wind energy has attracted investments of $151 billion. By 2021, the industry will have invested another $20 billion. Wind energy can save the environment from the pollution produced by other forms of energy.
Battery storage is increasing
In order to maintain clean electricity supply, it is crucial that the world increases its battery storage capacity. The BNEF predicts that the world's total energy storage capacity will reach 365 gigawatts (GW), which is five times greater than 2021. To date, most grid-scale battery storage projects have been based on Li-ion technology. Li-ion battery have many advantages, including their versatility.
The U.S. combined battery storage project capacity could rise 10 times by 2025 compared to the current level, contributing an additional 10,000 MW to grid. The Energy Storage Association says that the industry has experienced rapid growth over the last year. This could lead to even more projected capacity. This growth could signal major growth for the storage industry over coming years.
Increase in biomass fuels
In the United States, biomass fuels are a major source of energy, making up 5% of primary energy consumption in 2021. Biomass fuels are produced from wood, municipal solid waste, and agricultural byproducts. These fuels can also be used as a source of electricity because they are clean-burning.
Biomass fuels are able to reduce greenhouse gas emissions by producing energy. The growth of plants offsets the carbon dioxide that is released during the burning process. Burning wood, for example, releases approximately the same amount of carbon as burning fossil fuels. However, biomass offsets these emissions by its own growth. Clearing forests for energy production results in a carbon penalty that can take decades to recover. Biomass fuels can also grow on land that was once used for food production.