This is the future of renewable energy in 2024
Renewable energy in the future is expected to increase by 600 gigatonnes (GW) by 2024, nearly doubling Japan’s installed total electrical capacity. Overall, renewable electricity is expected to increase by 1 200 GW by 2024, equaling the total electricity capacity of the United States.
The International Energy Agency’s (IEA) ‘Renewable 2020’ report, which discovered that solar, wind, and hydropower projects are being built at the highest rate in four years, lends credence to the claim that renewable energy is the way of the future.
Future Growth Projections in Renewable Energy
Solar will get cheaper by 35% in 2024
According to industry experts, the United States will increase its solar installations to four million by 2023. In 2018, the UK had more than one million solar panel installations, a 2% increase over the previous year, while Australia had two million solar installations.
According to the IEA research, solar energy will account for 60% of expected renewable growth, owing mostly to its accessibility. Solar energy expansion has more than doubled over the previous six-year period. Solar power costs are predicted to fall by 15% to 35% by 2024, fueling significant growth in the subsequent half of the decade.
Potential capacity of solar energy in the future
China is predicted to have the most installed residential solar capacity in the world by 2024, with Australia, Belgium, the Netherlands, and Austria experiencing the fastest per capita growth.
By storing electricity during the day and running at night, solar systems will continue to reduce their fluctuation rates. Even during periods of low sunlight, commercial and residential buildings will continue to operate at full capacity.
Bridging the gap between sunlight collection and power generation will encourage residents and businesses to embrace the solar revolution. As a result, governments must develop incentive and remuneration plans, as well as effective regulatory measures. California, for example, has mandated that solar panels be installed on new homes and structures of up to three stories after 2020.
Onshore Wind Energy Capacity Will Increase 57% By 2024
By 2024, onshore wind capacity is predicted to increase by 57% to 850 GW. Annual onshore wind additions will be led by the United States and China, respectively, because to a development rush and a policy shift to competitive auctions.
Offshore wind capacity is expected to nearly triple to 65 GW by 2024, accounting for about 10% of total global wind output. While the EU accounts for half of worldwide offshore wind capacity additions over the projection period, China leads deployment with 12.5 GW under construction. During the projection period, the first significant capacity additions in the United States are also expected.
