Business
‘Mind-glowing’: Solar’s global advance dwarfs new fossil-fuel plants – Sydney Morning Herald
New solar farms accounted for nearly half the world’s new electricity generation in 2019, alone almost doubling the capacity of new coal or gas-fired power plants, Bloomberg New Energy Finance said.
Solar’s costs continue to fall at the rate of about 24-28 per cent for each doubling of production capacity, or roughly twice the pace of wind, Mr Quong said.
“Given the inexpensive nature of the technology and the limited penetration on a generation basis, BNEF expects the market to continue to grow, with 140-178GW of new solar to be built in 2022,” the consultancy said in a new report.
While growing rapidly, solar’s generation output remains only a fraction of total electricity because of it…
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