Solar photovoltaics to challenge fossil fuels within a decade: IEEE

Within the next 10 years, solar photovoltaic (PV) systems have the potential to become the most economical form of generating electricity, even compared to traditional fossil fuels, say solar energy experts from IEEE, the world's largest technical professional association.

To achieve this cost parity, the global solar power industry must continue to improve the efficiency of solar PV cell technologies and create economies of scale to further decrease manufacturing costs.

Solar energy is the earth's most abundant energy resource, but what reaches the earth is around 100 petawatts (1 petawatt = 1,000,000,000 MW). Just a fraction is needed to meet the power needs of the entire globe, as it takes approximately 15 terawatts (1 terawatt  = 1,000,000 MW) to power the earth (1 petawatt = 1,000 terawatts).

''Solar PV will be a game changer,'' said James Prendergast, IEEE senior member and IEEE Executive Director. ''No other alternative source has the same potential. As the cost of electricity from solar continues to decrease compared to traditional energy sources we will see tremendous market adoption, and I suspect it will be a growth limited only by supply.

I fundamentally believe that solar PV will become one of the key elements of the solution to our near- and long-term energy challenges.''

According to the International Energy Association (IEA), global solar PV capacity has been increasing at an average annual growth rate of more than 40 per cent since 2000.