Solar energy is not only the most widespread and most abundant source, it is also the most cost-effective in the long run. The latter was stated by the IEEE (Institute of Electrical and Electronics Engineers), the world’s largest professional association for the promotion of technological innovation, which is to be found in approximately 160 countries.
Specifically, according to the IEEE, the solar photovoltaic technology is bound to become a key solution for global energy problems in the medium and long term. The cost of electricity produced from the Sun keeps lowering compared with that of traditional energy sources and the goal of grid parity is close by now thanks to improvements to technology and those brought on by economies of scale.
According to the IEEE, the perspective of photovoltaic market for the near future goes beyond any expectation. This source could provide 11% of the world’s electricity generation by 2050, equivalent to an installed capacity of 3 million MW, saving an estimated 2.3 billion tonnes of CO2 emissions per year (equivalent to the current emissions of Russia and Japan).
However, IEEE specifies that in order to achieve such results significant engineering challenges must still be faced and successfully overcome.
Indeed, costs must be reduced and energy efficiency must increase, though advances have already been made allowing optimistic predictions regarding overall technological developments in this sector.