Solar installations are growing faster than people realize, says panel maker

Solar power is growing exponentially as a key source to meet the world's energy needs, the chief executive of a panel maker told CNBC on Friday. Steve O'Neil, CEO at Norway-headquartered firm REC, said that was likely due to the falling cost of solar energy as a result of technological developments. "Solar is growing exponentially is what I don't think people realize," O'Neil told CNBC at the sidelines of the Singapore Summit. "Every two years, the installation rates are doubling and so it's happening around the world now very quickly."

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