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However, as solar panels become more efficient and vastly cheaper, and household power bills keep rising, analysts at some of the world’s largest financial institutions say such a prospect is indeed possible – and likely to cause profound disruption in the energy industry.

“We’re at a point now where demand starts to be driven by cold, hard economics rather than by subsidies and that is a game changer,” says Jason Channell of Citigroup.

Another global bank, UBS, says an “unsubsidised solar revolution” has begun that could eventually supply as much as 18 per cent of electricity demand in parts of Europe.

“Purely based on economics, we believe almost every family home and every commercial rooftop in Germany, Italy and Spain should be equipped with a solar system by the end of this decade,” it said in a research note. Such an outcome would have enormous implications for a conventional power industry long accustomed to its coal, gas or nuclear plants being the sole source of its customers’ electricity.

The industry’s belated recognition that thousands of its customers are turning into competitors has spurred some utilities to fight back – and the solar manufacturing sector itself faces a sweeping shake-up. But the economic drivers behind solar’s surge are unlikely to go away, analysts say.

“It is very significant,” says Jenny Chase, head of solar analysis at the Bloomberg New Energy Finance research company. “It is not only significant for the future of the solar industry but also for the future of the energy industry. It will cause problems we haven’t even begun to imagine.”

One large problem for utilities is the loss of customers during daylight hours when the industry typically makes most money. Compounding this, the same companies are still expected to build, maintain and operate the power stations needed to meet overall demand.

“The utilities simply ignored the topic of solar power for too long,” he says. “They didn’t really see it as a significant threat to their conventional thermal power generation. Now they are feeling the impact, which is already quite massive.”