The European Commission’s Joint Research Centre (JRC) has released a report advising renewable energy, lead by Solar PV (photovoltaics), is the only option for energy price reductions in the future. In the ‘PV Status Report 2012: Research, Solar Cell Production and Market Implementation of Photovoltaics’, solar PV is championed as the “key” to a decarbonized energy landscape.
The findings of the report will be welcome support to the solar industry at a time where many Governments are reducing solar PV incentives, while maintaining artificially low costs within the fossile fuel industry. Despite this barrier, the renewable energy industry continues to grow. 2011 saw renewable energy investment hit a record high of US$263 billion (€202 billion), with 85% of the funds coming from non-governmental, non-research sources.
The great news for solar was their contribution to this investment total was just under 50%, at US $128 billion (€98.5 billion). The investments in distributed solar PV (residential and small-scale commercial projects under 100 KW) was the largest contributor making up 42% of solar investment. The JRC report states that while issues will remain in the short term, such as changes to renewables policy and incentives, the long term projection for the industry is positive, solar will continue to show ‘significant long-term growth’.
Within Australia, the ACT Government is leading this drive by maintaining fair tariffs and encouraging future development through with a 2020 renewable energy target of 90% and even a proposed small-medium Feed-in Tariff.
Report author, Arnulf Jäger-Waldau, states:
“Regardless for what reasons, and how fast the oil price and energy prices increase in the future, photovoltaics and other renewable energies are the only ones to offer a reduction of prices, rather than an increase in the future,”
© 2012 Solar Choice Pty Ltd
Latest posts by Rebecca Boyle (see all)
- NSW Club industry choosing solar power, with help from Solar Choice - 16 October, 2014
- 100% Renewables celebrates solar BBQ success - 26 February, 2013
- Coal fired power station in Queensland to be converted to ‘clean energy park’ - 21 February, 2013