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Solar Power Capacity Forecast To Exceed Wind Power Capacity

It has been a long time coming but they say that good news is worth waiting for!

Bloomberg New Energy Finance (BNEF), that is a well-known source of data covering the frequently changing energy sector and has a staff of 200 in various locations around the world, is forecasting that a greater amount of power capacity is to be provided by solar power rather than wind power in 2013. It should be borne in mind that this is the first time this is expected to happen and should bode well for the solar panel industry.

Solar panel farms continue to be constructed around the world

With all the issues that have been taking place in recent months between the likes of China, USA and countries in the European Union over solar panels this is excellent news. Let us hope that BNEF’s prediction is correct.

Looking at their forecast in a little more detail, they expect that we will witness new solar photovoltaic capacity achieve a worldwide figure of 36.7 gigawatts in 2013 with new wind power capacity only forecast to achieve 35.5 gigawatts. The later figure is made up of 1.7 gigawatts emanating from wind farms situated offshore and the balance of 33.8 gigawatts from wind farms located on land. Interestingly, in 2012, wind power accounted for 46.6 gigawatts and solar power contributed 30.5 gigawatts.

In 2013, there has been a drop in the Chinese and USA markets in wind generated power and these are the two biggest operators in this market – hence the reason for the fall in the figures. Solar PV has seen growth due to a drop in costs with solar panels costing less to buy and there have been incentives put in place in both China and Japan.

Another interesting set of figures reveals that solar power is forecast to increase from the figure of 2% seen last year to a huge 16% in 2030. So, the prospects certainly appear to look good for the solar panel industry although no one can afford to become complacent.

What are your thoughts on the above?

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