Some of the leading companies in the world are climbing on board the renewables train and are showing a high inclination for being there for the long run. Experts state that the growing ambitions of these companies are eventually condensing down to the economics map. Most of the renewable energy fields are showing significant returns of investments and its becoming a no-brainer to invest in them.
The Optimistic Market for Renewables
Research shows that 2016 was one of the greatest years of growth for the renewable energy markets. The overall capacity of renewable energies was significantly boosted throughout the world while maintaining a falling cost curve. The installments of 161 gigawatts capacity in 2016 was nearly 10 percent higher than the installations in 2015, while still costing 23 percent lesser that what it cost for 2015. The installations were valued at US$242 bn for 2016. The overall costs for wind as well as solar energy have gone down significantly over 2016, enabling these energy sources to start becoming serious contenders to the current markets for fossil fuels. So far efficiency and cost were the key issues that needed to be tackled for renewables to go big, and they seem to be getting tackled at a much faster rate than previously imagined.
No Slowdown for Renewables
The pace at which the renewables markets are growing has not seemed to be deterred in 2017 either, with the signing of the RE100 a major testament to that. Over 100 of the biggest companies in terms of net worth and influence have come together to sign on the RE100, a highly ambitious commitment to push the energy sector towards renewables. These companies are planning to go 100 percent on renewables over the given deadline and have already started investing heavily into the markets.