The collapsing price of solar panels could lead to solar energy being the dominant energy source for the world by 2050, one of two new reports from the International Energy Agency (IEA) suggests.
The report reveals that because solar panels are not just becoming less expensive, but also more available to people in their homes, 16pc of the world’s electricity could be sourced from the sun by the mid-point of this century.
The report, highlighted by The Guardian, also claims a further 11pc of the world’s electricity could be generated through larger solar photovoltaic (PV) power plants, similar to the ones under construction in the US, China and India.
These initial small-scale PV solar panels are expected to lead the charge until 2030, when the larger plants will step in to take off the levelling of the market.
The IEA’s article on the release of two reports highlighting the growth of solar, still emphasises the importance of serious capital investment from governments and companies to guarantee this predication.
By the end of 2013, 137GW of solar PV energy was being created globally, equating to about 100MW per day. The article also stated China is now the leading country in the world in terms of developing solar technology, closely followed by the US.