IEA Forecasts 50% Solar Growth Globally by 2024

The International Energy Agency’s Renewables 2019 market report forecasts 50 percent growth in the world’s total renewable-based power between 2019- 2024. Solar PV accounts for 60 percent of that increase. While renewables will rise from 26 percent of global power generation in 2019 to 30 percent in 2024, or the second largest source of electricity, IEA reports that is well below the target to stave off global warming.

Distributed PV from commercial and industrial sectors will account for three-quarters of the distributed PV growth through 2024. Residential rooftop PV systems will more than double to more than 100 million in that timeframe. This will result from cost decreases of 15-35 percent. “The report highlights the three main challenges that need to be overcome to speed up the deployment of renewables: policy and regulatory uncertainty, high investment risks and system integration of wind and solar PV.” IEA