By Tam Hunt | Greentech Media
Solar power is on a tear. Cumulative solar photovoltaic electricity production is about to reach 1 percent of total global electricity production, according to a new report from the International Energy Agency.
In just a decade, solar power has gone from being a fringe technology for greenies to an almost-mainstream source of power, due to its increasing cost-effectiveness in many countries around the world. This is a remarkable evolution and demonstrates well why CitiGroup recently stated that the “age of renewables” is upon us.
I’m going to go even further in this article, however, and argue, as I did recently with respect to electric vehicles, that this 1 percent of global solar penetration is far more important than you might think.
Only 1 percent, you say? That’s tiny. But that 1 percent is actually halfway to the goal of market dominance when we consider recent growth rates and the likely growth rate in the future. I’ll explain below.
Related: Chinese Solar Module Prices in the US May Increase Up to 20% in 2014
