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Emerging Markets Lead the Way to Cheapest-Ever Solar Energy

By Vanessa Bates Ramirez

Energy experts have long predicted we’d eventually shift from fossil fuels to clean energy. They were right, but there have been a few surprises along the way.
The shift is happening faster than anyone thought it would, particularly in solar energy. Solar is now the cheapest form of new electricity there is. And an unexpected sector of the market is leading the way: the developing world. This market comes with its own set of opportunities and challenges, and they need to be navigated wisely.

Predictions were too conservative
Nine to ten years ago, predictions from the International Energy Agency and Greenpeace pegged global installed photovoltaic capacity by 2013 at 20 and 60 gigawatts, respectively. The actual 2013 figure? 140 gigawatts, more than double the most aggressive projection. By 2015, that was up to more than 227 gigawatts.