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Based on developing technology already in the pipeline, a new report by Wood Mackenzie projects that solar costs will fall another 15-25% over the next decade, potentially making solar the lowest-cost power resource in all U.S. states by 2030.
Rapid adoption of solar energy allowed the industry to scale and cut costs much faster than analysts in the early 2010s expected would be possible, according to Ravi Manghani, head of solar research for Wood MacKenzie.
Demand for solar continues to exceed installation capacity, and could continue to do so for some time, according to Manghani. But without affordable storage options, he said, solar installations could end up essentially giving power away.
