Utility-scale solar power prices may decline 60% over the next decade thanks to improved technologies, and efficiencies, providing underlying support, said the head of the International Renewable Energy Agency (IRENA).
“Battery storage is expected to decline 60-70% within a decade,” said Adnan Amin, IRENA’s Director-General.
Plunging battery storage costs will come into play helping accelerate the transition to a clean energy economy, as storage provides support to renewables during intermittent periods.
IRENA also anticipates that between 80GW-90GW of new solar capacity will be added yearly which can light 8 billion LED light bulbs over the next 5-6 years.
Amin expects South Eastern Asian Nations to reach 23 percent renewable energy generation by 2025, as an ambitious, yet plausible goal. He expects India to see future gains in solar capacity.
Renewables now provide a quarter of the world’s power, although some countries are just beginning to embrace them.
However, challenges are expected following the recent 30% tariff imposed by the US on solar panel imports.