Cost of solar power(1)($/MWh)
(1) Unsubsidized levelized cost of energy for utility scale PV. Source: Lazard Levelized Cost of Energy Analysis – Version 10.0.
Cost of solar compared to other generation resources(2) ($/MWh)
(2) Unsubsidized levelized cost of energy for utility scale PV vs. competing generation resources. Source: Lazard Levelized Cost of Energy Analysis – Version 10.0.
Cumulative US installed solar capacity forecast(3) (GW)
(3) Cumulative US installed capacity forecast for utility scale PV. Source: New Energy Outlook 2017, Bloomberg New Energy Finance.
Imagine a world where humankind’s current and future energy needs can be fully sourced from the Sun?
The annual energy from the Sun shining on Earth is more than the estimated World’s fossil fuel reserves. Electricity generated from Solar is becoming more affordable and will become price competitive as compared to retail electricity from fossil fuels. Grid parity is being achieved increasingly across sun belt regions of the world.
This trend has been supported by significant reduction in component costs of solar systems including solar panels in about the last decade. Coupled with expected increase in worldwide electricity prices from traditional sources, solar electricity will become a significant source of meeting the world’s future electricity consumption. (Note: In 2015 the estimated contribution of solar electricity to the world’s total electricity supply of 6,000GW can be roughly rounded up to 1%).
Solar provides power at the times it is needed and combined with storage will be able to provide the majority of electricity needs in an environmentally friendly and cost effective manner.