By 2040, 34% of electricity will come from wind and solar and the levelized cost of offshore wind (i.e. the average total cost to build and operate over its lifetime) will decline by 71%.
"Beyond the term of a president, Donald Trump can't change the structure of the global energy sector single-handedly", said Henbest. Energy Secretary Rick Perry had launched a 60-day review of grid reliability on April 14, suggesting the move to more wind and solar power may have undermined the finances of coal and nuclear plants. This has resulted in an increased demand for specialists and engineers in renewable energy. "We anticipate renewable energy reaching 74 percent penetration in Germany, 38 percent in the USA, 55 percent in China and 49 percent in India by 2040 as batteries and new sources of flexibility bolster the reach of renewable", report says. Indeed, the U.S.is the third biggest spender on renewable energy in the world, behind China and India.
Cheap renewable energy forms would decrease the use of coal in Europe by 87 percent and in the U.S.A by 45 percent. This is the cost of installing 755 GW of new solar power generation capacity. Sector holds has great career prospects to establish oneself as an Engineer, Researcher, Entrepreneur, Advisor, Energy Auditor, Trainer, Site Specialist and many more.
The data collected will be made visible to the participating households via an energy management platform designed by fellow NSW company Solar Analytics, which has teamed up with WattWatchers on other such projects.
NASA telescope finds 10 more planets that could have life
The presence of liquid water means that a planet could potentially develop life, or one day host a human colony. One of Kepler's other big surprises was a profusion of planets intermediate in size between Earth and Neptune.
At the other end of the network scale, another trial - this time at Carnarvon's 17MW islanded Mungullah power station - will test the ability of a 2MWh grid-connected battery system to provide "spinning reserve" back-up power to help meet peak demand, and to boost its hosting capacity for more renewable energy. Last year the cost of renewable energy dropped 23 percent compared to the year before, making it more affordable. An example is Japan, where efforts to stimulate growth in renewables following the Fukushima nuclear disaster have led to such a large volume of solar PV projects being launched that their output has exceeded the capacity of the grid, leading the government to revise regulations and causing some utilities to refuse new interconnections and to curtail output from existing plants without compensation.
Meanwhile, solar panel manufacturers in the USA are pushing to impose trade penalties on imports from regions like China, potentially creating a new trade case for President Donald Trump.
According to the report, energy storage may become the most significant factor to ensure the continued success of the renewable energy sector. That's why, for now at least, natural gas will continue to dominate the global energy mix.
It's only a matter of time before clean energy and the energy storage tech it relies on outpace even the most stalwart fossil fuels. This means that off-take agreements are not always in place, and equipment supply, construction agreement and financing are expected to be arranged at a later stage.