The world will need to de-carbonise its Power sector by 90-95% within 15 years in order to avoid runaway climate change. Making this change is feasible from both a technological as well as from an economic perspective and provides very exciting opportunities to investors, whilst the traditional fossil fuel industries are being disrupted.
Between 2014 and June 2019, the cost price of PV installations has reduced with 60%, and we expect that this process of cost price reductions will not stop any time soon.
The levelized energy costs of large scale ground mounted PV systems, in favorable geographies in the world have dropped to below 3 dollar cents per kWh, and are now lower than any other type of power generation, including those of newly built coal powered power stations, and are in some cases even lower than the fuel costs of existing generation capacity (!).
The cost price of solar power in the UK is now lower than that of any newly built generation capacity other than wind.