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Solar energy is emerging as an energy superpower as investment this year in the sector ($380 billion) is set to overtake spending on oil production ($370 billion) for the first time.
This is according to Fatih Birol, Executive Director of the International Energy Agency, who said that Development “You will soon start to see a very different energy system emerge and we can keep the 1.5C goal alive.”
The change is the result of strong subsidies and tax credits such as the Low Inflation Act, as well as the alignment of policies among countries toward climate and energy security, and better economics for alternative energy sources.
“Clean energy is moving fast, faster than many people realize,” Birol added. “For every dollar invested in fossil fuels, about $1.7 now goes to clean energy. Five years ago, that ratio was 1:1.”
Related: First Solar (Nasdaq: FSLR), the power of the sun (Nasdaq: SPWR), tesla (Nasdaq: TSLA), Enphase Energy (Nasdaq: ENPH), Sunrun (RUN), SolarEdge (SEDG), Canadian Solar (CSIQ), JinkoSolar (JKS), Bloom Energy (BE), NextEra Energy (NEE), Azure Power Global (AZRE), Sunnova Energy (NOVA), Brookfield Renewable Partners (BEP), Ormat Technologies (ORA), SolarWindow (OTC: WNDW), Daqo New Energy (DQ), ReneSola (SOL), Maxeon (MAXN), PG&E (PCG), Consolidated Edison (ED), Dominion Energy (D ), Duke Energy (DUK), American Electric Power (AEP), Exelon (EXC), Entergy (ETR), Alliant Energy (LNT), NextEra Energy (NEE), and Southern California Edison (EIX).
ETFs: Invesco Solar Fund (TAN).
More about solar energy
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