Deutsche Bank and Wood Mackenzie publish separate reports predicting crucial role for solar in countries across the world
Deutsche Bank:
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Cost trajectory of solar on pace for a further ~40%+ reduction by the end of 2017
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Coal based wholesale electricity, currently the lowest cost for generating electricity, is currently half the cost of solar but solar will match it over the next 12-18 months
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Cost of storage will decrease from ~14c/kWh today to ~2c/kWh within the next five years
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Some forms of energy storage will halve their costs 2-3 years
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For the UK retail grid parity for solar should be reached in the next few years
Wood Mackenzie:
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Solar energy in 19 US states is expected to reach grid parity with coal by 2020 with twice as many states reaching grid parity by 2030
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Falling module costs and improved efficiency to encourage development of more solar plants
Responding to two new reports which predict that falling costs and improved technological efficiency mean solar is set to play a crucial future role in the energy generation of countries across the world, the Renewable Energy Associations Chief Executive Dr Nina Skorupska said:
"We welcome these reports which recognise solar as a game-changer in terms of its potential to deliver cost effective decentralised energy solutions and security for states across the world. For the UK, solar with storage can provide a secure source of renewable energy that can be deployed in quantity faster than nuclear.
In light of the findings of these reports, we call on the next British government to encourage the ongoing deployment of solar and development of storage which could be viable in the UK as early as 2017 by levelling the regulatory playing field for developers, in particular through ensuring sufficient support is forthcoming to ensure a viable industry is in place when grid parity is reached."
ENDS
FOR MORE INFORMATION OR TO REQUEST AN INTERVIEW, PLEASE CONTACT:
James Court
Head of External Affairs, REA
+44 (0)20 7925 3570
jcourt@r-e-a.net
NOTES TO EDITORS
The Renewable Energy Association represents renewable energy producers and promotes the use of all forms of renewable energy in the UK across power, heat, transport and renewable gas. It is the largest renewable energy trade association in the UK, with approximately 750 members, ranging from major multinationals to sole traders.
