Do solar photovoltaic energy benefits outweigh the costs?

This article appears in the Spring 2020 issue of Energy Futures, the magazine of the MIT Energy Initiative. Benefits of solar photovoltaic energy generation outweigh the costs, according to new research from the MIT Energy Initiative.

Is solar photovoltaics ready for the future?

Solar photovoltaics (PV) is a mature technology ready to contribute to this challenge. Throughout the last decade, a higher capacity of solar PV was installed globally than any other power-generation technology and cumulative capacity at the end of 2019 accounted for more than 600 GW.

Will solar PV be the future of electricity?

In the REmap analysis 100% electricity access is foreseen by 2030, in line with the Sustainable Development Goals, and solar PV would be the major contributor to this achievement. costs are expected to reduce further, outpacing fossil fuels by 2020 (IRENA, 2019f).

Are solar panels the future of electricity?

Panels now occupy an area around half that of Wales, and this year they will provide the world with about 6% of its electricity—which is almost three times as much electrical energy as America consumed back in 1954. Yet this historic growth is only the second-most-remarkable thing about the rise of solar power.

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).

Is solar PV a strategic renewable technology?

This report clearly points out that solar PV is one of the strategic renewable technologies needed to realise the global energy transformation in line with the Paris climate goals. The technology is available now, could be deployed quickly at a large scale and is cost-competitive.