3 January 2017
Comments: Comments Off on New REPN Report Show Investments in Solar Energy are Skyrocketing

New REPN Report Show Investments in Solar Energy are Skyrocketing

A new report from the Renewable Energy Policy Network (REPN) shows that investments in solar energy are skyrocketing. 

A new report from the Renewable Energy Policy Network (REPN) shows that the solar market is growing faster than ever. For the first time, investments in alternative energy sources in the country have managed to surpass investments made in fossil fuel projects. This points to a new trend in Canada toward a greener energy future. However, the country is still far behind the major players on the international solar market.

The report shows that as much as 8.1 million people were employed in the renewable energy sector, providing the largest number of jobs. It also shows that this year is the sixth consecutive in which solar energy has managed to surpass natural gas and fossil fuels when it comes to net investment.

Canada and Solar Energy

Nonetheless, Canada is not among the top five on the list. Even though the country has scored pretty high in the investments in hydro power it is still not among the leading countries when it comes to solar and wind power. The powers on top of the greener future transformation are the United States, India, China and Brazil. There are also a number of developing countries, who are making the switch to solar energy.

Solar energy production is still on the top of the lists for investors for a number of reasons. One of the main ones is the continuous trend of falling costs. While the price of oil is also falling, banks and international investment firms are providing financing for the green sector helping the private sector also turn towards a greener future.

Solar Energy Investment Price Statistic

Source: BNEF

Making the Switch to Renewables

While Canada is not leading the pack, the country is currently standing in the position of improving their standings on renewables. One of the prime examples is the northern community of Colville Lake, located above the Artic Circle. The small town has managed to install solar panels that provide electricity during the 24 hour periods of daylight in the summer. This switch to solar energy has managed to reduce the town’s diesel consumption by as much as 40 percent.

Nonetheless such action has not yet been taken by larger communities in the south, putting Canada in an odd position. Being one of the top oil-producing countries and having fossil fuel resources in an extremely huge demand, especially by countries like China, Canada has little incentive to make the switch to solar. However, following the recent trends and the current low popularity of fossil fuels, Canada may need to make the switch to solar power and renewable energy sources.

There are a number of non-profit organisations that help Canada’s private sector and investors realize that the country needs to become greener. Just one of them is CanSIA. With their help Canada needs to find a balanced ground between keeping their oil and fossil fuel production and increasing their investments in renewable energy sources. Solar energy and the solar power market is ever growing and Canada should start investing, like the rest of the world.