Solar photovoltaic (PV) is currently the fastest growing source of renewable energy.
According to a new FiT Analysis report, the solar sector is growing even faster than wind, currently the most widely used source of renewable energy.
China alone added approximately 15,150 MW of capacity to its solar energy installations in 2015.
In the same year China surpassed Germany to become the largest installer of solar infrastructure. The country will produce around 100 GW of solar capacity by 2020 if they are to achieve their latest targets.
Last year the US and Brazil went down in a different direction, ploughing money into geothermal and bioenergy technology respectively.
Government incentives and increasing price competitiveness mean global demand for all types of renewable energy is increasing.
Many countries are now using mandatory renewable energy targets to promote adoption of clean energy sources. For instance, the EU and the US have set a renewable energy target of 20% by 2020.
As of 2015, 164 countries have adopted such targets. To make sure these are met, governments provide financial incentives such as feed-in tariffs.
Well-designed feed-in tariff policies can positively impact job creation and economic growth. These policies are successful the world over and are especially popular in European nations.