Since May 2023, solar electricity generation has overtaken wind as the leading utility-scale renewable energy source. Higher solar output during the summer months has extended this dominance, with solar generating 9.57 terawatt hours (TWh) more than wind in June alone, according to energy think tank Ember. While this trend is expected to continue through August, wind power is projected to regain the lead by September, when wind speeds increase with the onset of winter in Europe, North America, and Northern Asia.
Solar energy is growing at a faster pace than wind, with global solar capacity increasing by 188% from 2018 to 2023, compared to 80% growth in wind capacity. The affordability and speed of constructing solar farms have been key factors driving this growth.
In a broader context, solar energy is now challenging fossil fuels. Bloomberg reports that China’s seven largest solar companies are providing more energy than the seven biggest fossil fuel producers. Tongwei, the world’s largest solar panel manufacturer, is expected to soon surpass ExxonMobil in energy production, generating over 9 exajoules annually once its new polysilicon plant in Inner Mongolia becomes operational.
As the world shifts towards cleaner energy, the International Energy Agency (IEA) has noted that investment in solar and other clean technologies is outpacing fossil fuel investments, with $1.7 invested in clean energy for every dollar in fossil fuels. This marks a significant turning point as solar energy moves towards becoming the primary power source of the Fourth Industrial Revolution.
By Alex Kimani for Oilprice.com
