PV costs continue to decline in 2016, global demand is rising
Abstract According to the latest analysis shows that PV installation costs are expected to decline 15% in the next two years, will continue to drive worldwide demand increases. According to China's Taiwan EnergyTrend, PV costs have fallen sharply in the past year, and this trend will continue to fall...According to the latest analysis, PV installation costs are expected to fall by 15% in the next two years and will continue to drive global demand growth.
According to China's Taiwan EnergyTrend, PV costs have fallen sharply in the past year and this trend will continue to fall.
According to EnergyTrend, the average installed cost of utility-scale PV systems in the US in the third quarter of 2015 was down 17% year-on-year to $1.38/W.
As deployments increase and new technologies advance, EnergyTrend expects installation costs to drop to $1.15/W by 2016 and 15% by 2017.
The decline in PV costs will reduce the level of electricity cost (LCOE) in some regions to below $0.07/kWh, although this will depend on local specific conditions such as labor costs, the sunshine market and existing subsidies.
However, EnergyTrend concluded that the competitiveness of photovoltaics is increasingly prominent compared to fossil fuels, especially coal.
Major market installation targets and LCOE for utility scale systems
In 2016, major markets including the US, China and India will gradually reduce component prices, and other components such as inverters and other related consumables will also be lowered.
EnergyTrend stressed that the gradual increase in photovoltaic cell conversion efficiency is also a key driver, including the continuous increase in component power output. In the second half of 2016, the output power of mainstream multi-silicon products is expected to reach 265W, while the output power of single-silicon products will reach 275-280W.
In 2016-2017, EnergyTrend expects a rapid growth in the photovoltaic industry in areas with abundant solar conditions such as India, Southeast Asia, Central America and South America.
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