Technology Outlook Solar PV report - observations and insights
We regularly carry out detailed studies into specific technologies and their potential, in partnership with leading subject matter experts from industry and academia.
BP’s investigation into solar PV highlighted the following observations and insights. More detail is provided in the summary report below.
- The solar PV sector is the fastest growing power generation technology and is on track to meet or exceed the IEA Sustainable Development Scenario target
- A strong innovation pipeline (>50 technologies) enables cost reductions across the whole solar PV supply chain. Further cost reductions of 30-50% are expected by 2025
- Solar PV can grow for decades before intermittency challenges would become material
- The levelised cost of energy (LCOE) for solar PV will be competitive against traditional energy generating technologies across most regions by early 2020s
- Lower costs of renewable energy start to unlock other integrated energy applications