Solar power to grow sixfold by 2030 as costs continue to fall

The amount of electricity generated using solar panels stands to expand as much as sixfold by 2030 as the cost of production falls below competing natural gas and coal-fired plants, according to the International Renewable Energy Agency.

Solar plants using photovoltaic technology could account for 8%-13% of global electricity produced in 2030, compared with 1.2% at the end of last year, the Abu Dhabi-based industry group said in a new report.

The average cost of electricity from a photovoltaic system is forecast to plunge as much as 59% by 2025, making solar the cheapest form of power generation “in an increasing number of cases,” it said.