Are solar photovoltaic power plants the future of power generation?

Although it currently represents a small percentage of global power generation, installations of solar photovoltaic (PV) power plants are growing rapidly for both utility-scale and distributed power generation applications.

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).

Will solar PV be a major power source by 2050?

By 2050 solar PV would represent the second-largest power generation source, just behind wind power and lead the way for the transformation of the global electricity sector. Solar PV would generate a quarter (25%) of total electricity needs globally, becoming one of prominent generations source by 2050.

Why is solar PV project development so important?

As opportunities for solar PV project development have increased, the number of qualified installers has commensurately expanded. Compared to the EPC process used for other forms of power generation, solar is relatively straightforward and local construction companies have been able to build capacity quickly.

What is a solar PV development process?

In broad terms, this process applies to the development of any privately-financed, utility-scale power plant. Aspects of the process that are unique to the use of solar PV technology, such as assessment of solar energy yield, site selection, and technology selection are emphasized more in the subsections below.

How do governments support solar PV development?

Loans with low interest rates and other concessionary terms, such as extended tenors or risk sharing, have also been deployed by governments to support solar PV development.