￼A new report from the prominent global consulting firm McKinsey shows why solar photovoltaics have hit a tipping point.
As the economics of solar PV continue to improve steadily and dramatically, McKinsey analysts conclude that the yearly “economic potential” of solar PV deployment could reach 600-1,000 gigawatts (1 million megawatts) by 2020.In the year 2000, the global demand for solar PV was 170 megawatts.
That doesn’t mean 1 million megawatts will get built per year after 2020; it’s just an estimate of the economic competitiveness of solar PV. When factoring in real-word limitations like the regulatory environment, availability of financing, and infrastructure capabilities, the actual yearly market will be closer to 100 gigawatts in 2020.
That could bring in more than $1 trillion in investments between 2012 to 2020.
The McKinsey report, appropriately named “Darkest Before Dawn,” highlights three crucial factors that are giving the solar industry so much momentum — even with such a violent shakeout occurring in the manufacturing sector today.
Read the rest at Climate ProgressThree Charts That Illustrate Why Solar Has Hit A True Tipping Point
By Stephen Lacey