According to two recent reports from the US Energy Information Administration (EIA) solar is becoming kind of a big deal. As production and panels get cheaper, more large-scale plants are popping up around the globe.
By 2050, EIA estimates around 27 percent of electricity produced worldwide could come from solar energy with 11 percent from solar thermal and 16 percent from photovoltaic (PV) panels. This would make solar the leading source of electricity worldwide— more than fossil fuels, nuclear, wind or hydro.
Behind solar's slow expansion is the upfront cost of most systems. Continuing to bring down the cost will be the key ingredient to ensuring a sunny future for electricity around the world. In a recent article from EcoWatch, EIA's executive director Maria van der Hoeven notes "Both [solar] technologies are very capital intensive: almost all expenditures are made upfront. Lowering the cost of capital is thus of primary importance for achieving the vision in these roadmaps.”
Read the full story from EcoWatch.