Solar photovoltaic (PV) electricity is set to become a major supplier in the European market, according to a recent report entitled “Set For 2020” from the European Photovoltaic Industry Association (EPIA).
The report says PV power generation will be price competition in areas of Southern Europe as early as next year.
PV is already demonstrating rapid uptake ability in Euorope, with 4.5 GW installed in 2008, making it the fastest growing renewable energy technology. In 2008, PV accounted for approximately 19% of all new installed power capacity in the EU.
According to the report, the pace of technological advancements and demand for solar panels should see a 8% price decrease year-on-year.
The report’s “Paradigm Shift” scenario shows that PV electricity could supply up to 12% of the European Union’s electricity demand in just over 10 years if the right conditions are created; up substantially from just 1% today. The Baseline Scenario, a “business as usual” approach, would see 4% penetration by 2020.
With a 12% share of the energy mix by 2020, PV could slash greenhouse gas emissions by as much as 196 million tons per year.
The report points out that because solar panels can be installed just about anywhere, the technology provides energy independence at national, regional, local and individual levels. Solar PV is already proving to be a solid investment for many home owners, businesses and communities in Europe, not only through energy independence but through feed in tariffs that pay a premium rate on electricity produce.
More of the SET For 2020 report can be viewed here.
