Deutsche Bank has produced a 175 page report that will have the Koch bros and their bought and paid for minions as well as every oil, coal and natural gas company weeping in their Chevas Regal or Glenfiddich.
The report suggests that solar generated energy will be the dominant source of energy worldwide within the next 15 years. Not only that, but the solar industry will generate $5 trillion in revenue in that time while displacing fossil fuels. Ohhh…I LOVE it!!
The analysts at Deutsche, led by Vishal Shah, state the solar market potential is massive. Even today, at only 1%(130GW) installed of the possible 6,000GW, it still produces $2 trillion annually. They also predict that in the next 15 years, the market in solar will increase 10 fold!
Great news!! To find out more, carefully step around that orange extension cord…it’s live!
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How will this happen? With the addition of more than a 100 million customers and solar’s market share jumping to 10%. [3]
Their predictions are underpinned by several observations. The first is that solar is at grid parity in more than half of all countries, and within two years will be at parity in around 80 per cent of countries. And at a cost of just 8c/kWh to 13c/kWh, it is up to 40 per cent below the retail price of electricity in many markets. In some countries, such as Australia, it is less than half the retail price.
The case for solar will be boosted by the emergence of cost-competitive storage, which Deutsche describes as the “next killer app” because it will overcome difficulties in either accessing the grid or net metering policies. “We believe reduction(a) in solar storage costs could act as a significant catalyst for global solar adoption, particularly in high electricity markets such as Europe,” it writes.
Grid parity is drawing near. In the last few months coal, particularly, has gone from 7:1 down to 2:1 and it’s estimated that in the next year it will fall to 1:1. And coal is not the only fossil fuel where parity is occurring: