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5 Solar Energy Trends to Watch in 2018
2017 has been a record year for the renewable energy sector globally. The pace of renewable energy project implementation has increased rapidly, with over 165 GW of solar energy capacity reported in 2017.
The solar industry forecasts that 2018 will be another bumper year with further policy shifts and support from governments globally.
Here are a few renewable energy trends to watch out for in 2018.
1. Renewable Energy Costs Will Decline Further
Since 2009, solar PV prices have dropped around 62%, and it looks like the run is set to continue in 2018.
Competition is increasing in the renewable energy space with such developing countries as China and India becoming more mainstream in rolling out renewable energy projects at a national level. Offshore wind farm costs have also halved in recent years. What we are starting to see is an industry that’s maturing, with costs lowering enough that we are now starting to see subsidy-free solar PV and wind farms.
2. Global Solar Energy Capacity Will Increase
Solar PV is still the most popular clean source of energy out of the renewable energy family of technologies due to its maturity, ease of implementation, and low cost. Global solar energy capacity is expected to increase by a further 107 GW in 2018, with China taking a massive 47-65GW chunk out of the global capacity for 2018.
3. Corporations Will Increase Support for Renewables
Solar for business is increasing in popularity. Corporations are making ambitious targets when it comes to renewables and this is set to increase in 2018. US corporates are the leaders in this space, with Apple’s new campus in California running off 100% clean energy. Apple and some major US banks are members of the RE100 club. The RE100 club includes powerful corporations that have committed to 100% clean energy to power their business operations. The drive for renewables in the corporate sector has been partly driven by the fall in renewable energy costs. Another reason: the benefits of securing energy supply and the opportunities that come with distributed energy generation.
4. Renewables Will Generate More Jobs
The International Renewable Energy Agency has reported that the renewable energy sector employs 9.8 million people globally. Renewable energy is more labour-intensive than fossil fuels due to the very nature and size of renewable energy plants. For example, wind turbine service technicians and solar PV installers are in actual fact the fastest growing occupation in the US. And the massive amount of investment going into the UK’s offshore wind farm sector is also creating a demand for skilled workers in this space. The demand for skilled renewable energy professionals is in short supply and could impact our transition to implementing clean energy.
5. Energy Storage Competition Will Increase
There’s a lot of investment going into the development of energy storage technology. Countries such as the UK, China, Poland, Hungary, Sweden and Germany are all planning on being market leaders when it comes to energy storage technologies. In 2018, Tesla is expected to complete it’s Nevada lithium-Ion battery factory set to be the largest in the world, known as the Gigafactory. China too is planning on supplying the global economy with 120 GWhs of battery cells by 2021. The UK government recently announced a fund to support the development of energy storage technology. It’s important to consider that energy storage doesn’t only include lithium-Ion batteries but also other emerging technologies, such as solid-state batteries, water-based batteries and Hydrogen Fuel Cell technology.
2017 has been a record year for the renewable energy sector globally. The pace of renewable energy project implementation has increased rapidly, with over 165 GW of solar energy capacity reported in 2017.
The solar industry forecasts that 2018 will be another bumper year with further policy shifts and support from governments globally.
Here are a few renewable energy trends to watch out for in 2018.
1. Renewable Energy Costs Will Decline Further
Since 2009, solar PV prices have dropped around 62%, and it looks like the run is set to continue in 2018.
Competition is increasing in the renewable energy space with such developing countries as China and India becoming more mainstream in rolling out renewable energy projects at a national level. Offshore wind farm costs have also halved in recent years. What we are starting to see is an industry that’s maturing, with costs lowering enough that we are now starting to see subsidy-free solar PV and wind farms.
2. Global Solar Energy Capacity Will Increase
Solar PV is still the most popular clean source of energy out of the renewable energy family of technologies due to its maturity, ease of implementation, and low cost. Global solar energy capacity is expected to increase by a further 107 GW in 2018, with China taking a massive 47-65GW chunk out of the global capacity for 2018.
3. Corporations Will Increase Support for Renewables
Solar for business is increasing in popularity. Corporations are making ambitious targets when it comes to renewables and this is set to increase in 2018. US corporates are the leaders in this space, with Apple’s new campus in California running off 100% clean energy. Apple and some major US banks are members of the RE100 club. The RE100 club includes powerful corporations that have committed to 100% clean energy to power their business operations. The drive for renewables in the corporate sector has been partly driven by the fall in renewable energy costs. Another reason: the benefits of securing energy supply and the opportunities that come with distributed energy generation.
4. Renewables Will Generate More Jobs
The International Renewable Energy Agency has reported that the renewable energy sector employs 9.8 million people globally. Renewable energy is more labour-intensive than fossil fuels due to the very nature and size of renewable energy plants. For example, wind turbine service technicians and solar PV installers are in actual fact the fastest growing occupation in the US. And the massive amount of investment going into the UK’s offshore wind farm sector is also creating a demand for skilled workers in this space. The demand for skilled renewable energy professionals is in short supply and could impact our transition to implementing clean energy.
5. Energy Storage Competition Will Increase
There’s a lot of investment going into the development of energy storage technology. Countries such as the UK, China, Poland, Hungary, Sweden and Germany are all planning on being market leaders when it comes to energy storage technologies. In 2018, Tesla is expected to complete it’s Nevada lithium-Ion battery factory set to be the largest in the world, known as the Gigafactory. China too is planning on supplying the global economy with 120 GWhs of battery cells by 2021. The UK government recently announced a fund to support the development of energy storage technology. It’s important to consider that energy storage doesn’t only include lithium-Ion batteries but also other emerging technologies, such as solid-state batteries, water-based batteries and Hydrogen Fuel Cell technology.
