Revenue from solar PV installations is expected to total more than $1.2 trillion from 2015 to 2024, according to a recent report from Navigant Research.
“Legislation and regulation regarding solar PV development are being driven by increased concerns about the environment and greenhouse gas emissions, as well as by a desire for greater energy independence and to spur job growth and entrepreneurial opportunities in emerging parts of the economy,” said Roberto Rodriguez Labastida, senior research analyst with Navigant Research.
Following years of unsustainable pricing and oversupply, demand for solar PV systems has finally caught up, with 2015 expected to be the year when the global solar PV market shifts and starts to compete with other technologies, said the report.
New business models—such as solar leases, green bonds, and yieldcos—have reduced the barriers around customer adoption of solar PV systems and increased the potential for profits, according to the report. These business model innovations will continue to drive the industry in the coming years when incentives are scaled back in most major markets.