Why and how photovoltaics will provide cheapest electricity in the 21st century

Abstract

With the advent of solar panels and windmills, and our ability to generate and use electrical energy locally without the need for long-range transmission, the world is about to witness transformational changes in energy infrastructure. The use of photovoltaics (PV) as source of direct current (DC) power reduces the cost and improves the reliability of PV system. DC microgrid and nanogrid based on PV and storage can provide sustainable electric power to all human beings in equitable fashion. Bulk volume manufacturing of batteries will lead to cost reduction in a manner similar to the cost reduction experience of PV module manufacturing. Future manufacturing innovations and R & D directions are discussed that can further reduce the cost of PV system. If the current trends of PV growth continue, we expect PV electricity cost with storage to reach $0.02 per kWh in the next 8-10 years.