It absolutely is.
According to the IAE Outlook for 2020 and 2021, Solar PV and wind accounted for 86% of global renewable capacity in 2019. Significant growth is anticipated in the renewable energy sector in the year ahead. The increasing growth has been attributed to mainly two factors, i.e.
- Declining costs of renewable energy sources and its rising capacity,
- increased competitiveness of battery storage
As per the REN 21’s Global Trends in Renewable Energy Investment, Wind power and Solar power saw the maximum investment from 2009 – 2019 where each accounted for roughly 47% of the total.
Global Trends in Renewable Energy Investment, 2009–2019 (REN21)
Furthermore, among the renewable energy investment, R&D investment in solar power was recorded as the largest recipient of such investment, i.e. a tally of USD 6.7 billion. This does reflect on the growing importance Solar energy has garnered.
The report further shows renewable power capacity country wise where BRICs as well as India particularly reflects great capacity to implement solar energy. As solar energy systems become more cost-effective, the use of it has increased in commercial as well as residential systems.
Renewable Power Capacity, World and Top Regions/Countries (REN21)
The International Energy Agency (IEA) predicted in 2014 that the sun could be the world’s largest source of electricity by 2050. This prediction could, perhaps, see the daylight if countries continue to give as much importance to solar energy (renewable energy) as it is doing so at this time.
The above brings us to this question.