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Emerging Nations Putting Value in Solar Energy

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One of the biggest solar industry myths is that installing a solar system is only for the rich elite. A recent study by Bloomberg New Energy Finance debunks this myth. Renewable energy is no longer just for the wealthiest nations. In developing countries, renewable energy technologies are becoming a cost-competitive alternative to traditional fossil fuels.


The study, Climatescope 2014, focuses on the renewable energy growth in 55 developing countries such as China, Brazil, South Africa, India and more. In the past, developing countries have had limited access to alternative energy options, forcing them to be dependent on expensive fossil fuels. For many of these countries, the decision to go green is a based in simple economics. Traditional power sources on island nations, like Jamaica, can cost about $300 a megawatt-hour. Solar panels can generate clean, green electricity at half that.


From 2008 through 2014, the 55 countries surveyed for Climatescope added 603GW of new capacity to grow their grids to 2,013 GW. By comparison, over the same period OECD nations added 258GW and grew by 9.6 percent to 2,887GW.


For those who follow the international solar industry, it comes as no surprise that China is leading the OECD charge towards becoming solar-friendly. China, the largest manufacturer of wind and solar equipment in the world, also has a high demand for clean energy, making it a key front-runner in solar expansion.


Solar expansion in these developing countries is showing no signs of slowing down.Currently, there are at least 359 clean energy-supportive policies on the books in the 55 Climatescope nations. Nearly half went into effect in 2012 and 2013. Strengthening solar policies help to attract more clean energy investments. 2015 is looking bright for these developing countries as they continue to strive for a clean, greener world.


The full Climatescope 2014 report is available to view here (PDF).


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