Recent reports show that, in 19 markets around the world, including some in parts of the United States, solar photovoltaic (PV) energy matches or undercuts local electricity prices.
In just the last four years, the average cost of installed solar power across all sectors of the US economy has dropped more than 50 percent, from $6.00 a watt to $2.59, with a further decline to $1.60/watt projected by 2020. Since 2008, the cost of solar PV modules per watt has declined from $3.40 per watt to about $0.80 per watt.
This trend is part of the foundation that our solar energy clients are building their successes on. From college campus energy projects to large scale solar arrays for investments, the reliable supply of PV modules and their lower costs due to manufacturing economies of scale are shaping the renewable energy supply of the future.
The potential disruption for fossil fuel producers and related industries is more imminent than anyone expected. However, the accelerating use of solar will prove a boon to the retail energy producers who have had the vision to make early investments and work with regulators to open markets.
If you have any questions about the solar energy market for our renewable energy lawyers, please contact us at our Richmond, Virginia headquarters.