Worldwide investments in solar power broke records last year reaching $209 billion, according to a report by GlobalData. 

Solar energy made up 49 percent of renewable energy investments, compared to wind energy’s 34 percent share. 

The main reason is a dramatic decrease in PV prices.

A drastic decrease in solar PV module prices, due to oversupply issues, resulted in an increase in capacity installations. Venture financing and private equity investments were also high for solar technology developments. With solar power prices approaching grid-parity, asset financing investments in this area have witnessed a higher growth rate than other renewable generation technologies.

The report also says that investment in renewable energy is expected to grow in the Asia-Pacific region. 

Photo: Blue Planet Foundation