Thursday, July 7, 2016

Solar power to expand sixth fold by 2030 and to become cheapest energy resource

According to the International Renewable Energy Agency's report solar plants utilizing photovoltaic technology could account for 8% to 13% of global electricity produced in 2030, compared with 1.2 % at the end of last year. The average cost of electricity generated from solar panels is expected to drop as much as 59% by 2025.
The BNEF report also forecasts that solar panel growth to reach 15% of total electricity output by 2040. The average cost of electricity from a utility-scale solar panel system was 13 cents per kilowatt hour in 2015, exceeding gas-fired plants and coal that averaged 5 cents to 10 cents per kilowatt hour. The average cost of building a solar-powered energy utility could fall to 79 cents per kilowatt hour in 2025 from $1.80 per watt last year. Coal-fired power production costs are about $3 per watt while gas plants cost $1 to $1.30 per watt. Read more at