Solar energy has impressive growth potential: projections are that by 2040, solar spending will reach $3.4 trillion and solar will account for 35% of all newly installed power generation equipment worldwide (Bloomberg New Energy Finance). Photovoltaics will generate 25% of all electricity worldwide by 2050, up from 2% today (BNEF).
The cost of electricity from solar has already fallen 83% since 2010 (Lazard), due to dramatic technological advances and economies of scale.
By 2050, the cost of solar power will drop another 71% (BNEF), which would make it by far the cheapest source of electricity. In many regions of the world, solar energy has already reached grid parity, beating both coal and nuclear power with its low cost.
Government support is just icing on the cake - The solar industry has become a self-sustaining industry that does not need government subsidies or mandates due to the sharp decline in solar costs.
Critical Energy Solution - Solar energy is one of the few long-term solutions to the world's carbon-free energy needs with free fuel (sunlight) and no CO2 or pollutant emissions. Solar energy is also a scalable solution that provides wholesale power as well as power for businesses and homeowners.
Solar energy is a major employer with 3.4 million jobs worldwide (IRENA). The solar industry provides about 250,000 jobs in the U.S., more than the number of jobs in the U.S. coal and oil gas extraction industries combined.
Solar-plus-Storage Provides a Robust 24/7 Energy Solution - Solar-plus-storage systems provide a 24/7 power source and solve the problem of solar energy intermittency. Solar-plus-storage systems are already cost-effective and will be even more so as battery costs are expected to drop another 52% by 2030 (BNEF).
