The chairman of Bloomberg New Energy Finance, Michael Liebreich, recently said at a conference in New York that the cost of large solar photovoltaic projects will fall to $1.45 per watt by 2020, down from the current $3.02 cost.
Mr. Lievbreich emphasized that cost cutting is the most powerful driver in the industry. He highlighted that innovation will play a key role in the process.
The U.S. Department of Energy earlier this year announced its SunShot initiative aimed at increasing the efficiency of solar manufacturing processes, optimizing the performance of solar installations and streamline the permitting process for solar projects. The goal is to achieve an overall cost reduction of 75 per cent.
Via Solar Daily
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With the use of solar panels, we can do our part for the environment. All the advances in technology that we possess are certainly very useful. Yet, this means we are collectively consuming more and more electricity all of the time. By the use of solar panels, we can generate a clean electricity to supply our needs.