Statistics On The Growing World of Renewable Energy

Luke Webb

25/04/2024

The growth of renewable energy is significantly more than what most people realise. It’s growing faster now than it has in the previous thirty years on a global scale. According to International Energy Agency projections, renewable energy will overtake coal as the world’s largest energy source by 2025. Within the next three years, it’s also expected that nuclear power is expected to be surpassed by wind and solar.

It was estimated in November 2023 that approximately 90% of nations worldwide have established net zero goals. In order to maintain global warming within agreed limits, scientists have set standards that require the globe to achieve net zero by 2050. To demonstrate the enormous amount of effort that is now being made to guarantee that our world is greener, we have gathered some hopeful figures from the renewable energy industry. Maisum always has our priority on the environment first and collaborates with clients and businesses that share the same values.

Earths Solar Capacity

Solar capacity is the maximum output a system can produce under the ideal condition which would be peak sun. At the end of 2023, the global solar capacity reached just over 1.5 terawatt which is up 30% from 2022. The IEA suggests that this could double to become the one of the largest power sources in the world by the end of 2028.

The latest data for the the UK’s total solar capacity has reached 15.7 GW.

How much money could your business be saving?

Further benefits of the lowering costs of solar panels includes the amount of money businesses can save on their electricity bills. With the lowering costs of installation, MyPowerUK believes companies could be looking to save 65% on their electricity bills. This is based off multiple factors such as how much energy is being used and the placement of solar panels. Managing Director of Maisum had this to say on companies saving money – “We’ve got clients spending £300,000 and they get a return of investment within 2-3 years and they continue to get that for the next 20 plus years.”

"Primarily we're looking to save businesses money. Any business looking to save money on energy, we can save them a fortune."

"Solar energy provides a hedge against volatile energy prices, as businesses can lock in a predictable cost for electricity production over the lifespan of the solar panels, typically 25 years or more."

"Did you know that the payback for a commercial business seeking solar is on average 6 years?"

Prices of Solar Panels have dropped massively

The great thing about solar is that despite the growing popularity, the prices of solar has decreased massively. Statistics from Statista shows that in 2010, the cost in US dollars per KW installed was $5,124. This is a considerable cost which fell down to $876 in 2022. That is nearly six times less expensive. Further to this, according to research by Mercator Research Institute on Global Commons and Climate Change found that since 2013, the costs are nearly 90% down. These statistics are huge and directly oppose the big criticism of the upfront costs of installing solar PV.

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EV Charger projects increasing

In 2024, it is anticipated that worldwide EV sales will increase by nearly a quarter. ABI Research projects increases of 21% in the upcoming year and 19% in 2025. Although this sounds like a significant amount, it is actually a substantial drop when compared to the previous two years. They attribute the decline to a “lack of chargers” brought on by “inadequate infrastructures and range limitations.”

The UK has introduced new measures over the past few years to boost the number of houses with chargers, in part because countries like China are still having significant success with their EV sales. Since 2019, the number of new property listings featuring an EV charging description has increased by 529%, according to Hollins Homes. Installing EV chargers is a great idea for homes, but it’s much more beneficial for businesses, as it will substantially benefit their staff. This is because the cost of EV charging will only increase in tandem with the cost of living.

How much of the world's energy is renewable?

According to the IEA, renewable energy accounts for 30% of global electricity generation which is up from 28% in 2021. Out of this 30%, solar energy accounts for 5.4%, with hydropower being the most common renewable energy being 14.2%.

Despite these great figures, solar doesn’t take a high percentage in the UK’s electricity generation with it only accounting for 6.8%. The figure may seem relatively low, but solar capacity is rising year on year massively with 2023 seeing the highest amount added in 6 years.

Estimation of domestic Solar Panel installations across the entire UK (According to MCS)

UK Energy Production Record Low

Overall in the UK, energy production has declined by 9% which makes it the lowest level in nearly 80 years. Oil and nuclear have both seen record lows with gas seeing it’s second lowest. Fossil fuels still remain dominant despite renewable energy increasing in 2023.