Solar Industry to Enter a New Phase By 2020
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.