17 Apr '12, 11pm

McKinsey: Solar will be cost competitive within a decade

The solar industry has delivered dramatic cost reductions that will continue over the next decade, ensuring the technology is cost competitive with conventional base load power sources such as coal and nuclear by 2020. That is the conclusion of a major new report from consultancy giant McKinsey, which predicts solar power will be cost competitive with fossil fuels in hot countries within two to three years, while further cost reductions will be delivered without any major technological breakthroughs. FURTHER READING BrightSource pulls $180m solar IPO Kyocera reveals plans for Japan’s largest solar farm Entitled Solar power: Darkest before the dawn , the report predicts that despite subsidy cuts and a number of high-profile bankruptcies, solar capacity globally will continue to soar as costs fall by an average of 10 per cent a year through to 2020. "The most exciting aspect...

Full article: http://www.businessgreen.com/bg/news/2168375/mckinsey-sol...

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