Solar Overtakes Fossil Fuels for the First Time

North Hollywood, CA -- (ReleaseWire) -- 12/07/2018 -- 2019 is just around the corner, and across the globe observations and statistics indicate that clean, renewable energy production is growing faster than fossil fuels, and multiple studies predict that this trend will continue to grow. Renewable energy investments grew to $297 billion in 2016 (the last time full-year data was collected), while only $143 billion was spent on fossil fuels and nuclear power.

The International Renewable Energy Agency (IRENA) reports renewable energy will be cheaper than fossil fuels as early as 2020. Bloomberg's New Energy Outlook 2018 forecasts that "By 2050 wind and solar technology provide almost 50% of total electricity globally - '50 by 50' - with hydro, nuclear and other renewables taking total zero-carbon electricity up to 71%."

Developing nations are now forging ahead of the wealthiest countries (and previous leaders in renewable energy) by practicing the use of producing energy through environmentally friendly methods, like wind and solar, more than traditional, harmful methods.

Because many developing countries are plentiful in natural resources and equipment costs are relatively low, clean energy has been shown to be financially beneficial for less wealthy countries allowing them to dominate in clean energy production. In fact, research shows that, in many cases, due to the sharp decline in prices of solar technology in recent years, the same amount of energy produced from fossil fuels can be produced by solar panel systems at half the cost of coal.

According to an article on Bloomberg News, "Emerging markets added the least new coal-fired power generating capacity last year since at least 2006." The article continues, "New coal plants in these countries slumped 38 percent from a year earlier to 48 gigawatts in 2017, which was about half of the peak in 2015, according to BNEF."

Countries like the US can learn from these developing nations. Nicki Zvik, founder of Green Solar Technologies, states, "As resources for fossil fuels diminish, and as the need take measures to prevent climate change remains at the forefront of people's minds, it is essential that wealthier nations take advantage of the flourishing clean energy market, and thankfully, they are."

According to an article published on Engaget, "Renewable energy played an important role in the US last year…" The article continues to note, "solar and wind power represented 94.7 percent of the net new electricity capacity (15.8GW out of 16.7GW) added in 2017."

2018 has been a banner year for renewable energy. The rapid progression of investment in clean, reliable, eco-friendly renewables continues at record-breaking levels, and all indicators point to strong and steady growth in renewable energy into the foreseeable future. More than ever, global awareness that renewable energy is the only viable answer to the world's growing energy demands, and hope for the future grows apace.

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