So­lar In­dus­try to En­ter a New Phase By 2020

Industry Leaders - - Content Features -

By the mid-cen­tury, the sun could be the largest source of en­ergy. ‘2050’ is not a dis­tant dream, and so­lar en­ergy will not only be ahead of non-re­new­able sources like fos­sil fuel, but it will also lead the pack of re­new­able sources like hy­dro, nu­clear, and wind en­ergy, as pub­lished in the Oc­to­ber 2014 re­port of an In­ter­na­tional En­ergy Agency (IEA). First-world coun­tries like the U.S, China, and Mid­dle East that have been de­pen­dent on fos­sil fuel have dras­ti­cally adopted re­new­able sources of en­ergy in the past years. An­other IEA re­port pub­lished dur­ing Jan­uary 2015 men­tions that so­lar en­ergy even over­took wind en­ergy by be­com­ing the most in­vested-in re­new­able en­ergy seg­ment dur­ing 2011.

A sim­i­lar IEA re­port of 2014- Re­new­able Power Gen­er­a­tion Costs, men­tions that geo­ther­mal, hy­dropower, biomass, and on-shore wind, all these are cheaper or com­pet­i­tive with coal, gas, and oilpower sta­tions, de­spite the given de­cline in oil prices. So­lar pho­to­voltaic (PV) power leads the cost de­cline, with so­lar PV mod­ule costs see­ing a fall at 75 per­cent since the end of 2009, and the cost of elec­tric­ity from the util­ity scale so­lar PV see­ing a fall at 50 per­cent since 2010.

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