Sunday, June 10, 2007

Solar Power prices to fall by 40% in the next 3 years

According to a report by the WorldWatch Institute (a well-respected think tank) the price of solar power might drop by 40% until 2010.

"The solar industry is poised for a rapid decline in costs that will make it a mainstream power option in the next few years,according to a new assessment by the Worldwatch Institute in Washington, D.C., and the Prometheus Institute in Cambridge, Massachusetts.

Global production of solar photovoltaic (PV) cells, which turn sunlight directly into electricity, has risen sixfold since 2000 and grew 41 percent in 2006 alone. Although grid-connected solar capacity still provides less than 1 percent of the world's electricity, it increased nearly 50 percent in 2006, to 5,000 megawatts, propelled by booming markets in Germany and Japan. Spain is likely to join the big leagues in 2007, and the United States soon thereafter."

This is great news! Soon solar power can compete with coal power and other source of electricity! Some of the solar panels might soon not just come from Europe or the US:

"The biggest surprise in 2006 was the dramatic growth in PV production in China. Last year, China passed the United States, which first developed modern solar cell technology at Bell Labs in New Jersey in the 1950s, to become the world’s third largest producer of the cells—trailing only Germany and Japan.

[...]

"To say that Chinese PV producers plan to expand production rapidly in the year ahead would be an understatement,” says Travis Bradford, president of the Prometheus Institute. “They have raised billions from international IPOs to build capacity and increase scale with the goal of driving down costs. Four Chinese IPOs are expected to come to market this month alone."


SustainaBee says
: Great news! The solar race has begun :-). Competition will drive prices down which will make solar energy more common. Soon there will be little excuse not to get the majority of electricity from renewable energy. Until then, why not change to an electricity supplier that uses a lot of renewable energy?


Further reading:

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