Towards the end of 2004, total worldwide renewable energy capacity grew at a rate of between 10-60% annually for a variety of green energy options.
For wind power and other renewable technologies, growth increased in 2009 relative to the previous four years. During 2009 more wind power capacity was added in comparison to green energy options.
However, grid-connected PV increased the fastest of all renewable technologies, with an average 60% annual growth rate. During 2010, green energy options contributed to about a third of recently built power generation capacities.
Recent news has suggested that scientists have advanced a strategy to power the world’s energy with wind, hydroelectric, and solar power by 2030.
In 2011 The International Energy Agency stated that solar power generators may produce most of the world’s electricity within 50 years, reducing the emissions of greenhouse gases that harm the environment.
An IEA report in 2011 suggested “A portfolio of renewable energy technologies are becoming cost-competitive in an increasingly broad range of circumstances, in some cases providing investment opportunities without the need for specific economic support.”
Hydro-electricity and geothermal electricity produced at efficient sites are now the cheapest way to generate electricity.
Green energy options are one of the most economic solutions for new grid-connected capacity in areas with good resources. As the cost of renewable power falls, the scope of economically viable applications increases. Renewable technologies are now often the most economic solution for new generating capacity.