The percentage of renewable energy used globally would increase by 50% over the next five years, determined by the expansion of photovoltaic panels installed on homes, buildings and in industry, according to a report published Monday by the International Energy Agency (IEA), Reuters reports.

The total capacity of renewable energy will increase by 1.2 TW by 2024, from 2.5 TW last year, the equivalent of the current total installed capacity of the US.

The photovoltaic energy will represent almost 60% of this increase and the wind energy, 25%. Also, the percentage of renewable energy generation will increase from 26% currently, to 30% in 2024, according to the IEA report, quoted by Agerpres.