Global investments in solar photovoltaic (PV) technology could double from €35-40 billion today to over €70 billion in 2015, according to a study published today by the European Photovoltaic Industry Association (EPIA) and Greenpeace International. The estimated investments in the European Union alone would rise from today’s €25-30 billion to over €35 billion in 2015.

The report on the global market outlook for solar photovoltaic, named "Solar Generation 6" foresees that PV could account for 12% of the European power supply by 2020, and up to 9% of the global power supply by 2030.

A key technology for combating climate change

"Our goal is to make solar photovoltaic technology a mainstream power source through policy support at an optimal cost for consumers," said Sven Teske, Senior Energy Expert at Greenpeace International. He added that, "Solar photovoltaic is a key technology for combating climate change; our research shows that it creates 35 to 50 jobs per ton of CO2 savings and will increase the security of energy supply by reducing dependency on energy imports to Europe."

Increased efficiencies and cost reductions

"Solar photovoltaic technology has, for many years now, shown increased power efficiencies and cost reductions," said Ingmar Wilhelm, President of EPIA. "Today’s cost predictions, driven also by economies of scale in light of global photovoltaic capacity, totaling 40,000MW in 2010, show that the technology is on the brink of an economic breakthrough," Mr. Wilhelm added.

PV prices have dropped some 40% since 2005 and by 2015 the cost of PV systems is expected to drop by an additional 40% compared to current levels. As a result, PV systems will be able to compete with electricity prices for households in many countries of the European Union within the next five years.

"We aim to make this important phase of cost competitiveness visible, and EPIA will provide a realistic road-map for every country with clear concepts on market mechanisms allowing equal treatment of all electricity sources," added the President of EPIA.

Global PV capacity could grow to close to 180GW by 2015

The report estimates that current global solar PV capacity could grow from over 36GW at the end of 2010 to close to 180GW by 2015. European PV capacity is expected to increase from over 28GW in 2010 to nearly 100GW by 2015, and has the potential to reach up to 350GW on a global basis by 2020. This would save as much as 1.4 billion tons of CO2 emissions globally and 220 million tons within the EU every year.

Over 600.000 jobs by 2015

In addition to its environmental benefits, the report shows solar energy to be a sustainable way to address concerns about energy security and volatile fossil fuel prices, as well as a substantial factor in economic development. The European PV industry, which already employs over 300,000 people, could provide jobs to over 600.000 by 2015, and has the potential to further increase to 1.6 million in 2020 if general policy support remains effective.

The "Solar Generation 6" report also highlights the enormous PV potential for Europe in the light of the Union’s established 20% renewable energy and the 20% energy efficiency target. Based on this potential for photovoltaic growth, the EU could easily increase its emission reduction target from the current 20% by 2020 to a more aggressive 30% level.

"Solar Generation 6" is available for download at: www.epia.org/publications or http://www.greenpeace.org/international/en/publications/reports/Solar-Generation-6/ .

2011-02-03| Courtesy: EPIA; Greenpeace International | solarserver.com © Heindl Server GmbH

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