220 New Gigawatts of Solar Generation by 2018

A recent Navigant Research report anticipates that the world will add 220 new gigawatts (GW) of solar energy by 2018, creating about $540 billion in the process.

The report also anticipates that solar projects under one megawatt will more than double the world's solar capacity that is now online. Much of the recent solar growth was attributed to larger PV systems that were installed to meet utility demands.

"Distributed solar generation offers significant benefits to consumers while adding resiliency to an electric grid evolving beyond the traditional centralized model," says Dexter Gauntlett, research analyst at Navigant Research. "Though this market is still primarily driven by government incentives, distributed solar PV will continue its steady march toward grid parity in major markets over the next few years."

There's no denying that the solar market is transitioning from one that relies on financial and engineering models to a more diverse model that includes generation sources, ownership, and financing mechanisms.

Source: Renewable Energy World

By Gaylen Davenport