Solar is now cheapest form of new electricity in a host of international markets, driven by cost reductions and growth of bifaciality, large-area solar modules and trackers.
Total solar installations are to hit 115GWdc this year as the sector continues to record a robust recovery from the COVID-19 pandemic, analysis by Wood Mackenzie claims.
Solar to continue rapid rise over this decade but lack of foresight with grid planning could mix with ultra-low prices and waste management troubles to set obstacles in the short and long term.
Maturation of solar asset class into subsidy-free venture in some markets could see industry become better fit with utilities comfortable with power price swings, firm says.
Mix of economics and geopolitics will take global capacity past 21GW as roll-out booms across US, Middle East, Australia, Europe but testing and data must improve, firm says.
WoodMac, AWEA: Better fit with energy storage will help PV attract vastly more corporate interest through 2030 but looming ITC phase-out could put brakes on progress.
WoodMac: Innovative finance needed to further boost already sound economics of residential sector, with Germany, Italy and Spain all breaking even faster than the UK and France.
WoodMac: Worldwide installations will grow 17.5% this year to hit new high of 114.5GW, paving way for arrival of 12 countries to group of 1-to-5GW-a-year installers.
