A new report from Navigant Research has concluded that the annual revenue from global solar PV installations is set to surpass $151 billion in 2024.
Navigant Research released its Distributed SolarPV report, which analyzes the solar PV market and provides forecasts for capacity and revenue, down through region and country through to 2024. The report highlights various emerging trends that the authors believe will affect the future of distributed solar energy generation. These include:
- Price drops: Navigant report that crystalline module costs have dropped from approximately $4/W in 2006 to, in some cases, below $0.60/W in 2015. These lower prices are opening up new markets for distributed PV while similarly helping existing markets reach grid parity.
- Yieldcos and green bonds: Financial structures such as yieldcos and green bonds have been developed that are de-risking investment in solar
- Leasing programs: The US has seen third-party owned financing options continuing to drive the residential solar PV market
- Governments rein in financial incentives: Governments have been forced at the state and federal level to reevalute their support of solar given the recent years of success for the market.
“The distributed solar PV generation market continues to transition from being dependent on lavish feed-in tariffs and environmentally conscious wealthy homeowners to a cost-effective source of electricity that is gaining traction across market segments and customer types,” said Roberto Rodriguez Labastida, senior research analyst with Navigant Research. “The successful adoption of new business models is expected to continue to further drive the industry in its transition to a post-incentive world in most major markets.”
Navigant concludes that the next 10 years will see an “expanding solar industry” that is expected “to offer a variety of growth opportunities to leading players across the value chain.”
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