Photovoltaic solar power is the reliable future energy source.
Electricity generation is the process of generating electric power from sources of primary energy such as fossil fuels, renewable sources, and nuclear power. Electricity is an important concept that helps run the world as we know it.
The installation of solar PV systems on homes, commercial buildings and industrial facilities is set to take off over, transforming the way electricity is generated and consumed.
Distributed PV accounts for almost half of the growth in the overall solar PV market through 2024. Contrary to conventional wisdom, commercial and industrial applications rather than residential uses dominate distributed PV growth, accounting for three-quarters of new installations over the next five years.
This is because economies of scale combined with better alignment of PV supply and electricity demand enable more self-consumption and bigger savings on electricity bills in the commercial and industrial sectors. The cost of generating electricity from distributed solar PV systems is already below retail electricity prices in most countries
Investing in Future
In the main case forecast, renewable electrical capacity increases 50% (1,220 GW) by 2024, from 2,502 GW in 2018. Solar PV, including utility-scale and distributed applications, accounts for almost 60% of all renewable capacity expansion over the forecast period, followed by wind, hydropower, and bioenergy. Utility-scale plants are forecast to represent 55% of total solar PV expansion.
Distributed PV has the largest potential for increased deployment in the accelerated case, especially for commercial applications. In an increasing number of countries where electricity is not subsidized, solar PV generation costs are declining to become comparable with variable retail electricity prices, making net-metering and self-consumption opportunities more attractive.