Combined revenues for wind, solar and biofuels amounted to $248.7 (£166.52) billion last year, adding just $2.6 (£1.74) billion to 2011 revenues ($246.1 billion), according to a report by US based cleantech analyst Clean Edge published today. The falling price of solar was cited as the major factor for last year’s subdued revenues, compared with deployment. Solar PV prices fell to just $2.50 per peak, compared to $7.00 five years ago.
The solar PV sector saw revenue decrease by nearly $12 billion 2012. Down from $91.6 billion in 2011, revenue totalled just $79.1 billion. However, this decrease in price meant that solar installations saw a record number of installations, with an addition of 30.9 gigawatts (GW) of solar capacity added in 2012.
Wind power revenues saw a small increase from $71.5 billion in 2011 to $73.8 billion in 2012, but global wind capacity additions increased by a total of 44.7 GW with the US and China each adding 13 GW and Europe contributing an additional 12.4 GW.
Biofuel saw the largest increase in revenue at $95.2 billion up from $83 billion in 2011 with ethanol and biodiesel production increasing from 27.9 billion gallons to 31.4 billion gallons.
Despite a rocky 2012, the report predicts that after last year’s dip, revenues for the clean energy sectors will pick up again in future years. By 2022, revenue should nearly double to $426.1 billion over the three sectors as green energy deployment increases, the report forecasts.