What is driving the falling cost of solar energy?
[Image source: Oregon Department of Transportation, Flickr]
Oxford University researchers have just found that solar energy costs are falling so rapidly they could even outpace mainstream energy forecasts. Their conclusion is based on a new forecasting model and has now been published in Research Policy.
Solar panels have been steadily falling in price since the 1980’s, becoming 10 percent cheaper per year. The new study finds that this momentum is likely to continue and that solar technology is currently on course to supply 20 percent of global energy requirements by 2027. The International Energy Agency (IEA) has previously predicted a generation figure of 16 percent of electricity by 2050 and it’s widely cited energy scenarios have repeatedly failed to predict solar’s actual rapid growth.