The International Energy Agency just released their World Energy Outlook for 2017 that forecasts solar energy will grow exponentially in the next 20 years. The report concludes that by 2040, the world will need to add the equivalent of China’s and India’s energy systems in order to meet the demand of a growing population. Solar PV is expected to be one of the largest and fastest-growing energy sources with the lowering prices for installation and government initiatives for renewable energy.
“Solar is forging ahead in global power markets as it becomes the cheapest source of electricity generation in many places, including China and India,” said Dr. Fatih Birol, the IEA’s executive director. Solar energy will become the largest source of low-carbon power capacity by 2040 at the same time that renewable energy as a whole account for 40% of total power generation.
One of the leading solar companies in the work is SolarEdge which has seen a 202% growth so far in 2017 by closing out a great 3rd quarter. CEO Guy Sella reported during their quarterly earnings meeting that the company recorded revenue of $166.6 million, up 30% from the same quarter last year. They also recorded record cash flow of over $33 million, and net income of $28 million.
Some investors believe that with this incredible growth that SolarEdge, and other solar companies, are due for a correction. However, the company believes it will continue to set records in the 4th quarter and in the foreseeable future. With the new 2017 World Energy Outlook, its hard to see solar installations slowing anytime soon.
For more information on solar energy or to get a solar quote, you can go out Compare Electricity’s solar page. We provide you a solar score for your area based on factors like direct sunlight in your area, rooftop size, direction and sunlight availability and more. We can also provide you a quote for a solar installation based on your specific situation.