Bloomberg is reporting that they anticipate a sixfold increase in star capacity thanks to the efficiency of a having a naturally-occuring ball of fire in our solar system. The sun is an abundant resource which shines its rays on us and now we have the industrial means to convert the sun’s rays into a powerful electric resource.
The growth of solar installations over the last decade of furthered their adoption in a positive feedback loop of success. As more places adopt solar the cheaper it becomes and the more incentive there is to make the whole system more efficient.
The “most attractive” markets for solar panels up to 2020 are Brazil, Chile, Israel, Jordan, Mexico, the Philippines, Russia, South Africa, Saudi Arabia, and Turkey, according to Irena. Global capacity could reach 1,760 to 2,500 gigawatts in 2030, compared with 227 gigawatts at the end of 2015, it said.
Smart grids, or power networks capable of handling and distributing electricity from different sources, and new types of storage technologies will encourage further use of solar power, Irena said.
As of 2015, the average cost of electricity from a utility-scale solar photovoltaic system was 13 cents per kilowatt hour. That’s more than coal and gas-fired plants that averaged 5 cents to 10 cents per kilowatt hour, according to Irena. The average cost of building a solar-powered electricity utility could fall to 79 cents per watt in 2025 from $1.80 per watt last year, it said. Coal-fired power generation costs are about $3 per watt while gas plants cost $1 to $1.30 per watt, according to Irena.