U.S., China on course to solar grid parity

By Barbara Vergetis Lundin

Growth in the renewable energy sector is being driven by solar power costs, which are getting closer to the cost of tradition sources, according to research by GlobalData.

According to the research, the global cumulative installed solar PV capacity increase of 100 percent between 2009 and 2011 is likely to grow even further as mass power consumers China and the U.S. reach grid parity within the next few years.

In the U.S., solar PV technology is expected to reach grid parity by 2017 in most regions in alignment with average residential electricity prices. China is expected to reach grid parity in most regions between 2015 and 2016, the research projects.

The levelized cost of electricity (LCOE) for solar PV will continue to decrease due to declining capital costs and increasing capacity factor. Combined with a lack of fuel costs, low operations and maintenance costs, solar PV technology is expected to be lower than average retail electricity prices beginning in 2017, estimates GlobalData.

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