It now provides 7% of the world's electricity”
It now provides 7% of the world's electricity”
A counterpoint: the recent quick growth has been fueled by panels getting cheaper. They used to be the majority of the cost. But that's not true anymore. The cost will soon be mainly installation (i.e. labor) and space. Neither are amenable to drastic further decreases.
Fortunately we've already reached the point where it's the cheapest option, so that it will continue to replace other power sources even if it does get much cheaper anymore.
Kurzweil 2010 https://www.youtube.com/watch?v=OYpoKYY1uy4
researchgate 2018 https://www.researchgate.net/figure/Exponential-growth-in-so...
some 2024 data https://www.linkedin.com/posts/paulfbrowning_exponential-pv-...
and on it goes at about 25% per year. That would have it covering all our needs in about 15 years.
For comparison with Hinkley C the UKs new nuclear reactor the site was selected in 2010 and the latest is "£41.6–47.9 billion in 2024 prices, with Unit 1 planned to become operational in 2029 to 2031."