RISING SUN ON GLORIOUS HORIZON

Solar photovoltaic on the brink of economic breakthrough; New study projects solar investments to double until 2015.
2 February 2011 (World of Photovoltaics)

"Global investments in solar photovoltaic (PV) technology could double from €35-40 billion today to over €70 billion in 2015, according to a study…by the European Photovoltaic Industry Association (EPIA) and Greenpeace International. The estimated investments in the European Union alone would rise from today’s €25-30 billion to over € 35 billion in 2015.

"…[Solar Generation 6; Solar Photovoltaic Electricity Empowering the World 2011] foresees that PV could account for 12% of the European power demand by 2020, and up to 9% of the global power demand by 2030…"

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"PV prices have dropped some 40% since 2005 and by 2015 the cost of PV systems is expected to drop by an additional 40% compared to current levels. As a result, PV systems will be able to compete with electricity prices for households in many countries of the European Union within the next five years…

"The report estimates that current global solar PV capacity could grow from over 36 GW at the end of 2010 to close to 180 GW by 2015. European PV capacity is expected to increase from over 28 GW in 2010 to nearly 100 GW by 2015, and has the potential to reach up to 350 GW on a global basis by 2020. This would save as much as 1.4 billion tonnes of CO2 emissions globally and 220 million tonnes within the EU every year…"

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"In addition to its environmental benefits, the report shows solar energy to be a sustainable way to address concerns about energy security and volatile fossil fuel prices, as well as a substantial factor in economic development. The European PV industry, which already employs over 300,000 people, could provide jobs to over 600.000 by 2015, and has the potential to further increase to 1.6 million in 2020 if general policy support remains effective.

"The 'Solar Generation 6' report also highlights the enormous PV potential for Europe in the light of the Union’s established 20% renewable energy and the 20% energy efficiency target. Based on this potential for photovoltaic growth, the EU could easily increase its emission reduction target from the current 20% by 2020 to a more aggressive 30% level."