Do solar photovoltaic energy benefits outweigh the costs?

This article appears in the Spring 2020 issue of Energy Futures, the magazine of the MIT Energy Initiative. Benefits of solar photovoltaic energy generation outweigh the costs, according to new research from the MIT Energy Initiative.

What are the benefits of solar PV?

The perception of solar PV as a mature technology and auctions, which have become the preferred method for governments to select new solar capacity worldwide, 38 decrease the risk and the financial costs, which in turn reduces the cost of solar electricity. 36 Improvements in maintenance and lifetime will also lower the cost.

What is solar PV & why is it important?

Solar PV accounted for 4.5% of total global electricity generation, and it remains the third largest renewable electricity technology behind hydropower and wind. China was responsible for about 38% of solar PV generation growth in 2022, thanks to large capacity additions in 2021 and 2022.

What is solar photovoltaic (PV) power?

The steady rise of solar photovoltaic (PV) power generation forms a vital part of this global energy transformation. In addition to fulfilling the Paris Agreement, renewables are crucial to reduce air pollution, improve health and well-being, and provide affordable energy access worldwide.

Why do we need photovoltaic power generation?

Photovoltaic power generation has been most useful in remote applications with small power requirements where the cost of running distribution lines was not feasible. As PV power becomes more affordable, the use of photovoltaics for grid-connected applications is increasing.

Will solar PV be the future of electricity?

In the REmap analysis 100% electricity access is foreseen by 2030, in line with the Sustainable Development Goals, and solar PV would be the major contributor to this achievement. costs are expected to reduce further, outpacing fossil fuels by 2020 (IRENA, 2019f).