What will the renewable energy marketplace look like in five years' time?

"2016 was another record high year of renewable installs and unexpectedly large renewable energy cost deflation, again highlighting the IEA's continued underestimation of both these two trends driving the increasingly global market transformation", said Tim Buckley, director of energy finance studies at IEEFA, an Australian energy analyst.

Solar PV capacity grew faster than that of any other power source in 2016, according to a new report by the International Energy Agency (IEA). They predict that by 2022, the capacity of renewable electricity should increase by 43 percent.

This includes India, which according to this year's forecast, will soon leap ahead of the European Union with the third largest growth in renewable capacity, after China and the U.S. "Soon-and, we hope, very soon-African countries may see the next wave of development supported by cheap renewable power", the IEA report anticipates.

"Solar PV is entering a new era", said an ebullient IEA in its report.

The predicted growth in renewable power capacity is now 12 per cent higher than it was in last year's prediction.

"Dozens of clean energy records have been shattered across the United States in the past year and a half". Renewables made up almost two-thirds of new net power capacity around the world in 2016, with 165 GW of capacity coming online.

The power from these projects will be supplied to obligated entities for fulfilment of their non-solar RPO (renewable purchase obligation) obligation at pooled price of capacity selected.

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IEA hails new era in solar PV

"While coal remains the largest source of electricity generation in 2022, renewables close in on its lead".

The share of renewables in power generation will reach 30 per cent in 2022, up from 24 per cent in 2016.

The deployment in photovoltaic cells and wind previous year was accompanied by record-low auction prices, which fell as low as $0.03 cents per kilowatt-hour (kWhs). The Centre conducts the wind power auction through SECI, a public sector undertaking under the Ministry of New and Renewable Energy.

Globally, falling auction prices for wind and solar projects have contributed to the rise in new renewable energy capacity.

China's growth in renewables is largely driven by concerns about air pollution and capacity targets that were outlined in the country's 13th five-year plan for 2020.

There are two important challenges for further capacity increase in renewables - the growing cost of renewable subsidies and grid integration issues.

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