☀️ Solar replaces coal as the world's largest source of electricity within six years

• Solar overtakes coal as the world's largest source of electricity generation within six years, according to research firm BloombergNEF.
• Solar is the cheapest source of new electricity generation. Coal costs almost twice as much.
• Annual solar installations have grown from under 100 gigawatts in 2016 to over 650 gigawatts last year.

Solar overtakes coal

Solar is on track to become the world's largest source of electricity. According to BloombergNEF's latest energy transition outlook, this happens within six years. Solar then overtakes coal as the leading generator of electricity.

Jenny Chase, clean power specialist at BloombergNEF, says solar is the cheapest source of power in many countries. It is also the easiest and fastest to deploy. According to her, solar will play a substantial role in the global energy mix. She says solar and batteries will transform world power markets over the next ten years.

Two decades of growth

Solar has grown steadily over the past 20 years. Every year, more capacity has been added than the year before. In 2016, less than 100 gigawatts of solar was installed worldwide. Last year, the figure was over 650 gigawatts.

This year, BloombergNEF expects 640 gigawatts. From 2027, installations grow again.

Cheapest of all power sources

Fixed-axis solar PV is the cheapest source of new electricity generation. That remains the case this year, according to BloombergNEF's latest levelized cost of electricity benchmarks. Onshore wind comes in second.

Coal costs almost twice as much as these two technologies. Coal is even more expensive than battery storage, the technology that has seen the largest cost decline in recent years.

The most expensive are combined cycle gas turbines and offshore wind.

China, India and the US largest

China is by far the world's largest market for solar. It is followed by India, the US and Germany, measured in gigawatts expected to be installed this year. Pakistan is the fifth largest country.

Next in line are Brazil, Japan and Saudi Arabia, among others.

Several countries have launched programs to encourage domestic manufacturing. These cover assembly of modules, manufacture of cells and wafers, and production of polysilicon.

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