Photovoltaic energy storage a potential stock in the next decade

Are solar photovoltaics ready to power a sustainable future?

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Is solar PV a competitive source of new power generation capacity?

Solar PV is emerging as one of the most competitive sources of new power generation capacity after a decade of dramatic cost declines. A decline of 74% in total installed costs was observed between 2010 and 2018 (Figure 10).

What percentage of electricity demand is covered by solar PV?

In 2019, solar PV supplied 9% of electricity demand in Germany and 19% in California (Figure 5). Existing plans contemplate penetration higher than 20% in several power systems by 2030. Figure 5. Percentage of electricity demand covered by solar PV in different markets worldwide

What is the potential for growth in the solar market?

Growth in the solar market is expected to continue in coming years, with the world expected to near 2 TW of solar installed capacity by 2025, and potentially near 5 TW of installed capacity by 2030, depending on various estimations. These figures underline the significant potential for growth in the solar market.

Are solar prices volatile over time?

For solar, we use utility-scale solar prices. Residential solar power is more expensive, but the attractiveness for consumers is heightened by the fact they avoid various taxes on electricity. Standard deviations of these costs are also derived from this dataset; this means that volatility over time is not captured in our uncertainty.

What is the growth rate of solar PV?

A 25% per year growth rate, however, is consistent with what PV has achieved in past decades. This simple model could be modified in a myriad of ways but makes clear the order of magnitude of growth that is required over the next 10 years. Solar PV has become a strategic technology to fight climate change and enable global development.