Thread by @jadmouawad

We just launched @IEA's Renewables 2019 report, with fascinating insights on how installations of solar PV systems on homes, commercial buildings & industrial facilities will soar by 2024, changing how electricity is generated & consumed.

→ bit.ly/31tEI1D

THREAD

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@IEA Renewables are set to expand by 50% through 2024, with distributed PV alone growing as much as onshore wind. This forecast is 14% higher than last year's due to improved policies & increasing competitiveness.

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@IEA Distributed solar PV expansion is set to more than double over the next 5 years.

• China's total distributed PV capacity becomes the world's largest
• Growth in the EU resumes
• India and others emerge as new markets, driven by improved economics & policies

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@IEA Commercial buildings & industry lead distributed PV growth.

Economies of scale & better match between PV output & electricity demand enable higher levels of self-consumption – meaning smaller electricity bills.

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@IEA Distributed solar becomes increasingly cheaper than retail electricity prices – increasing the technology’s economic attractiveness for private investors.

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@IEA With improved policies, lower costs & rapid adoptions, the world’s total distributed PV capacity is forecast to more than double by 2024.

But this represents only 6% of the global potential.

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@IEA This growth needs to be managed sensibly.

Policies & market reforms are needed to find a balance between opposed interests of distributed PV owners, other electricity consumers, and energy & distribution companies.

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@IEA We can still do more.

If governments address grid integration, policy uncertainty & financing challenges, renewables growth could accelerate by a further 25% over the next 5 years – putting renewable electricity on track with #climate goals.

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@IEA The @IEA has more big news on renewables coming this week. On Friday, we release our special report on the global outlook for offshore wind, highlighting the huge potential of this emerging technology that accounts for just 0.3% of global power generation today.

Stay tuned!