Within the next 10 years, solar PV systems have the potential to be the most economical form of generating electricity, even compared to traditional fossil fuels, say solar energy experts from IEEE. To achieve this cost parity, the global industry must continue to improve the efficiency of solar PV cell technologies and create economies of scale to further decrease manufacturing costs. IEEE has several initiatives to encourage these advancements.
“Solar PV will be a game changer,” said James Prendergast, IEEE Senior Member and IEEE Executive Director. “No other alternative source has the same potential. As the cost of electricity from solar continues to decrease compared to traditional energy sources we will see tremendous market adoption, and I suspect it will be a growth limited only by supply. I fundamentally believe that solar PV will become one of the key elements of the solution to our near- and long-term energy challenges.”