“Renewables overtake coal as world’s largest source of power capacity” reads a recent Financial Times (FT) article. Installations of wind and solar energy have hit record-highs in the world and, surprisingly to most, the cost of these installations has fallen and is expected to continue falling over the next five years.
The FT reports that “an unprecedented 153 gigawatts of green electricity was installed last year, mostly wind and solar projects, which was more than the total power capacity in Canada. It was also more than the amount of conventional fossil fuel or nuclear power added in 2015, leading renewables to surpass coal’s cumulative share of global power capacity — though not electricity generation.”
According to the UNDP’s “Solar PV Status Report for Lebanon”, renewable energies, especially solar energy, have also seen significant growth and have become less costly in Lebanon. According to the paper, “From 2010 until the end of 2015, cumulative installed Solar PV electricity capacity has grown by an average rate of 101% per year” according to a recent UNDP report. The report also notes that the number of new Solar PV projects surged from just 18 in 2011 to 259 in 2015. The turnkey price for solar PV has been on a downward trend, dropping from $7,178 per kWp in 2010 to $2,675 per kWp in 2015, the equivalent of a 63% drop over six years.
To read the full report, click on the link below: