HOW SOLAR PHOTOVOLTAICS WILL REVOLUTIONAISE THE ELECTRICITY MARKET

The recent report released by IRENA (International Renewable Energy Agency) highlights that global electricity generated from solar photovoltaics will grow as much as 13% by 2030. The solar industry’s growth will be primarily driven by significant cost reductions among various countries. The IRENA report named “Letting the light” examines PV technology, Economics, Applications, Infrastructure and policies along with broader impact, highlighting global PV industries prospects for future.

The report highlights that the solar PV cost has come down in the range of UST 0.05-0.1/kWh in Europe, India and Africa. In recent tender, a large solar power project in Dubai, the lowest price bid achieved is about 3 cents/kWh. These record low tariff achieved in the bidding process will dominate the future trend of solar power production.