According to the International Energy Agency in its latest report, last year the renewable energy power plants’ capacity increased by more than 50%, reports the Russian BBC service.

Last year, half a million solar panels were installed every day in the world; only in China, two new wind turbines were set every hour. Read more Germany plans to increase the use of renewable energy sources to 40-45% by 2025. Despite the growth of its capacity, the renewable energy industry is yet behind the coal-fired energy industry in terms of energy generated. This is due to the fact that energy generation on such power plants depends on particular conditions such assunlight, wind speed, while coal power plants can operate 24/7. 

A significant increase in capacity shown by the renewable energy industry in recent years is predetermined, among other things, by the decrease in value of solar panels and other equipment required to generate energy from the renewable sources.

According to the forecast of the International Energy Agency, the trend for decrease in construction costs of renewable energy power plants will hold in the coming years. The leader in renewable energy capacity growth is China accounting for nearly 40% of global growth.