For those who combine solar, batteries, and electric vehicles (EVs) at home, driving on sunshine is a realistic goal. However, there are many factors to consider when analyzing the economic payoffs, as well as the technical possibilities and limitations of such systems.
Despite a slow start to the year, BloombergNEF expects Portugal to install another 1,363 MW of solar by the end of 2023. The likelihood of that scenario seems to come down to how quickly projects from the record-breaking 2019-20 solar auctions go online, if they do so at all.
BloombergNEF Analyst Jenny Chase says the world installed 268 GW of new solar capacity in 2022, with annual installations expected to hit 315 GW in 2023. In a recent interview with pv magazine, Chase pointed to a large backlog of delivered PV modules in Europe that still have yet to be installed.
BloombergNEF (BNEF) has outlined a potential transition plan for a coal-fired power plant in Belchatow, Poland. It said that 5 GW of solar and 5.7 GW of wind could replace 80% of Belchatow’s lignite generation capacity by 2036, in an optimal scenario.
Record energy prices, particularly in Europe, are driving demand for renewables and energy storage. That is changing the equation for utility solar and wind investment and shortening project payback times to under a year in some regions. Storage deployment, driven by recent policy developments around the world, is also expected to get a big boost through to 2030.
Investments in renewables are hitting new highs in China, as recurrent Covid-19 outbreaks and a crisis-stricken housing market threaten the world’s second-biggest economy, according to BloombergNEF.
With fears over Europe’s gas supply tightening, the Australian government is forging ahead in the green hydrogen sector by launching tech incubator HyGate and awarding Volt Advisory Group cash to develop a renewable energy microgrid. Australian business Fortescue Future Industries and Europe’s Airbus will work on hydrogen-powered aircraft and Kawasaki Heavy Industries is making strides in transporting hydrogen from the state of Victoria.
The analyst also forecasts strong growth for the storage business and a significant increase in PPAs for photovoltaic projects in Europe. It also said the newly installed PV capacity for 2021 reached 183 GW.
Electricity bill payers in nations as diverse as Germany, Greece, India and China should be aware new solar projects can now generate electricity cheaper for them than legacy coal and gas-fired plants.
Each 1.8 GW of new gas generation capacity could be replaced by 1.7 GW of solar as part of a cleaner, 6.3 GW collection of renewables and energy storage facilities–and that alternative already comes in cheaper than the business-as-usual approach, according to the Carbon Tracker thinktank.
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