Another 60 percent drop of solar power costs

2017-10-24 02:43:42

(MENAFN) Costs of Solar Power will fall by another 60 percent over the next decade, improving the market even more, according to the head of the International renewable energy Agency (Irena) headquartered in Abu Dhabi, UAE.

Due to its sharp drops in costs as well as efficiency improvements, solar power is said to be the in the midst of boom, pushing global capacity from virtually zero at the start of the century to 300 gigawatt by the end of 2016.

It is expected to rise again by the year 2020 according to an official.

Irena expects 80 to 90 GW of new solar capacity, enough to power more than 8 billion LED light bulbs, to be added globally each year over the next 5 to 6 years.

Exceeding a forecast of 73 GW from the International Energy Agency (IEA), Adnan Amin, the director-general of Irena told the reporters.

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