IEA estimates that by 2024 the global combined capacity of renewable sources of energy will add 1,200 GW of capacity, the equivalent of installed power capacity in the United States today. Power capacity refers to how much power each energy source would be able to supply under ideal conditions. As of last year, renewable capacity was just over 2,500 GW of power globally. Over the next five years, the newly released report anticipates renewable energy to grow by 50 percent.

Solar photovoltaic energy is expected to account for about 60 percent of the renewable growth over the next five years. The falling average cost of installation and implementation for solar will aid in its expansion. Back in 2010, SEIA reports that each watt produced by solar cost about $5.00. That price dropped to right around $1.00 per watt by the second quarter of this year. The increased focus on renewables by governments is expected to help continue the downward trend in costs.