10 Essential Facts About Renewable Energy You Must Know
The renewable energy sector continues to set records and reshape power generation across the globe. Here are the most important facts about renewable energy in 2024.
Current State of Renewable Energy
Solar and wind power have reached unprecedented levels, generating 4,748 TWh of electricity in 2023, a 13% increase from the previous year. Renewables now make up 14.6% of total primary energy consumption.
Solar Power Dominance
Solar installations lead renewable growth with remarkable achievements:
- 346 GW of new capacity added in 2023
- 67% increase from previous year’s record
- Expected to rise by 38.4 GW to 128.2 GW by end of 2024
Wind Energy Progress
Wind power maintains steady expansion:
- 153.8 GW total capacity expected by end of 2024
- 6.5 GW increase from previous year
- Makes up 26.3% of renewable capacity
Cost Advantages
Renewable energy prices continue to decrease, making it increasingly competitive with traditional power sources. Solar and wind installations now account for 90% of all new power generation builds.
Storage Solutions
Energy storage capacity shows strong growth:
- 14.9 GW increase to reach 30.9 GW by end of 2024
- Residential solar storage attachment rates rising from 14% to 25%
Future Projections
The renewable energy sector shows promising growth trajectories:
- 8% growth expected in 2024
- 9% growth projected for 2025
- 40% additional growth anticipated by 2030
Employment Growth
The sector creates substantial job opportunities:
- 10 million new jobs expected over next seven years
- Solar energy generating 75% of new positions
- Wind power contributing 15% of job creation
Power Generation Milestones
Several major transitions expected:
- Solar PV and wind generation surpassing hydropower
- Renewable generation overtaking coal-fired power
- Wind and solar exceeding nuclear power generation
Global Adoption
Renewable energy implementation varies by region:
- Europe: 40.5% electricity from renewables
- South America: 75% renewable electricity generation
- North America: Steady increase in solar and wind capacity
Technology Integration
Advanced technologies driving sector growth:
- Battery storage expansion
- Smart grid development
- Artificial intelligence applications in power management
This comprehensive overview demonstrates renewable energy’s rapid advancement and increasing role in global power generation. The sector continues to expand through technological innovation, cost reduction, and increased adoption across regions.