Connect with us

Hi, what are you looking for?

CleanTechnica

Clean Power

Global Annual Revenue For Solar PV Set To Surpass $151 Billion In 2024

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.”

 
Don't want to miss a cleantech story? Sign up for daily news updates from CleanTechnica on email. Or follow us on Google News!
 

Have a tip for CleanTechnica, want to advertise, or want to suggest a guest for our CleanTech Talk podcast? Contact us here.
Advertisement
 
 

Written By

I'm a Christian, a nerd, a geek, and I believe that we're pretty quickly directing planet-Earth into hell in a handbasket! I also write for Fantasy Book Review (.co.uk), and can be found writing articles for a variety of other sites. Check me out at about.me for more.

Comments

You May Also Like

Clean Power

WIRED had an article the other day that caught my eye. The headline posed the question of whether we ought to “turn airports into...

Clean Power

Graniterock quarry in tiny Aromas, California is building a 5 MW solar farm to help power its mining operations.

Clean Power

Amid COVID-19 and Broader Market Turbulence, Commitment of More Than $100 Million Demonstrates Strong Support for Commercial Solar Projects

BIPV

In 2019, U-Solar Clean Energy Solutions Pvt. Ltd. installed India’s largest building integrated vertical solar PV system at a data center in Mumbai. The...

Copyright © 2023 CleanTechnica. The content produced by this site is for entertainment purposes only. Opinions and comments published on this site may not be sanctioned by and do not necessarily represent the views of CleanTechnica, its owners, sponsors, affiliates, or subsidiaries.