Renewable energy has been a buzz word for many years. Well that buzz is about to become a boom. Trillions of dollars will be invested over the next 25 years, driving some of the biggest shifts yet in the way we get our electricity.
That's according to a new forecast by Bloomberg New Energy Finance that plots out global power markets to 2040. Here are the 6 big changes:
1. Solar Prices Keep Crashing
The price of solar power will continue to fall. According to BNEF, by 2026 utility-scale solar will be competitive for the majority of the world.
2. Solar Billions Become Solar Trillions
As solar power is so cheap, investments will surge. According to BNEF, solar alone will account for more than a third of new power capacity worldwide.
3. The Revolution Will Be Decentralized
According to BNEF, by 2040 rooftop solar will be cheaper than electricity from the grid in every major economy.
4. Global Demand Slows
There have been huge advances in energy efficiency. Switching to an LED light bulb reduces electricity consumption by more than 80%. The BNEF predicts that over the next 25 years the global demand for electricity will slow.
5. Natural Gas Burns Briefly
Few countries outside the U.S will replace coal plants with natural gas. Instead, developing countries will often opt for a combination of coal, gas and renewables.
6. Global Warming Still A Big Problem
The shift to renewable energy is happening fast but not fast enough to prevent previous levels of global warming.
Read more from BNEF here: http://goo.gl/MhAxdc