What is solar PV & how will it impact the world?

As the fastest deployable energy generation technology with the highest year-on-year growth rate 4, solar PV technology is projected to supply 25–49% of the global electricity needs by 2050 while providing employment for up to 15 million people between 2018 and 2050 5.

Is solar photovoltaics ready for the future?

Solar photovoltaics (PV) is a mature technology ready to contribute to this challenge. Throughout the last decade, a higher capacity of solar PV was installed globally than any other power-generation technology and cumulative capacity at the end of 2019 accounted for more than 600 GW.

Is solar PV a strategic renewable technology?

This report clearly points out that solar PV is one of the strategic renewable technologies needed to realise the global energy transformation in line with the Paris climate goals. The technology is available now, could be deployed quickly at a large scale and is cost-competitive.

How much energy will solar PV produce a year?

Keeping a 50% annual growth for 9 additional years would mean producing ~34,000 TWh (more than the global electricity demand in 2019, which accounted for ~27,000TWh 2). This highlights the large potential for solar PV expansion.

Is solar PV a good investment in 2022?

Solar PV comprised almost 45% of total global electricity generation investment in 2022, triple the spending on all fossil fuel technologies collectively. Investment in PV is expected to grow further in the coming years thanks to ambitious government targets, policy support and increasing competitiveness.

Is solar PV the future of low-carbon energy?

Throughout the last decade, a higher capacity of solar PV was installed globally than any other power-generation technology and cumulative capacity at the end of 2019 accounted for more than 600 GW. However, many future low-carbon energy scenarios have failed to identify the potential of this technology.