Solar Growth Outpaces Wind

For the first time ever, solar growth is expected to outpace new wind capacity. An analysis from Bloomberg New Energy Finance predicts that 36.7 GW in new solar PV capacity will be added this year, compared with 35.5 GW in new wind installations.

BNEF said there will is a slowdown in wind production, especially in the U.S. and China. “We forecast that wind installations will shrink by nearly 25 percent in 2013, to their lowest level since 2008, reflecting slowdowns in the U.S. and China caused by policy uncertainty.”

The demand for wind turbines is expected to shrink by 5 percent this year, but that isn’t the end of wind energy. “Falling technology costs, new markets and the growth of the offshore industry will ensure wind remains a leading renewable energy technology.”

In the solar sector, the cost reductions in PV with incentive programs are making pushing the industry to further growth. BNEF predicts, “despite 2013’s rankings upset, the maturing onshore wind and solar PV sectors will contribute almost equally to the world’s new electricity capacity additions between now and 2030.”

Source: Renewable Energy World