Global wind and solar developers took 40 years to install their first trillion watts of power generation capacity, and the next trillion may be finished within the next five years.
That’s the conclusion of research by BloombergNEF, which estimated the industry reached the 1-terrawatt milestone sometime in the first half of the year. That’s almost as much generation capacity as the entire U.S. power fleet, although renewables work less often than traditional coal and nuclear plants and therefore yield less electricity over time.
The findings illustrate the scale of the green energy boom, which has drawn $2.3 trillion of investment to deploy wind and solar farms at the scale operating today. BloombergNEF estimates that the falling costs of those technologies mean the next terrawatt of capacity will cost about half as much – $1.23 trillion – and arrive sometime in 2023.